European stocks moved higher on Wednesday, shaking off losses on Wall Street, partly fueled by weaker-than-expected economic data. Commodity stocks were the winners, along with sportswear maker Puma.
The Stoxx Europe 600 index
rose 0.4% to 458.04. The German DAX
won 0.7%, the French CAC 40
and the FTSE 100
rose by 0.4% in each case.
US stock futures
led by Nasdaq 100 futures
It was a reflection of Tuesday's action that saw the Dow Jones Industrial Average
and S&P 500 index
Step back from record levels, but a new high for the Nasdaq Composite
Losses came in part after the Procurement Management Institute reported an unexpected decline in its service sector.
Job vacancies and minutes of the recent Federal Reserve Open Market Committee meeting will be the focus on Wednesday.
US Crude Oil Prices
and international benchmark Brent
rose by around 0.8% each and supported the energy sector. Crude oil benchmarks pulled back Tuesday after reaching levels last seen in 2014 after talks between the Organization of Petroleum Exporting Countries and its allies collapsed amid a deadlock in production growth.
Read: Is that the end of OPEC? What Saudi vs. V.A.E. Spacer for oil prices and financial markets
Royal Dutch Shell shares
increased by 3%. The energy giant said Wednesday that it will increase the total payout to shareholders to 20-30% of cash flow from operations, starting with the announcement of second quarter results due later this month.
Shares of BP
rose by around 2% in each case. And mining stocks were higher too, with Rio Tinto
rising 1.9% and BHP
increased over 2%.
Sportswear Makers Got Boost, Led By Puma Stock Up 1.8%
who makes the jerseys of the Italian national football team. Italy beat Spain 4-2 on penalties at Wembley on Tuesday to advance to the UEFA Euro 2020 Championship final, where they will face either England or Denmark at the same stadium on Sunday. Shares in rival Adidas
increased by 1.5%.
Beer makers were also among the rising stocks, with shares in Anheuser-Busch InBev
by 1.3% and Heineken
1% increasing. The British Beer & Pub Association (BBPA) predicts that English fans will buy 6.8 million pints in the later semi-finals on Wednesday.
raised its earnings target for the year after raising expectations for nuclear production in France. The shares of the French energy company rose 2%.
Some technology stocks rose after Nasdaq's gains on Tuesday, including stocks in corporate software giant SAP