London (Reuters)
European stocks opened higher today, Wednesday, with support from the energy sector, bucking the downward trend in Asian markets, as well as on Wall Street. The European Stoxx 600 index rose 0.2 percent to 522.10 points by 0710 GMT.
Energy sector stocks provided the largest support to the index, rising 1.7 percent, after oil prices jumped amid growing fears of escalating conflict in the Middle East.
Shares of defense-related companies, such as Germany’s Rheinmetall, Sweden’s Saab and BAE Systems, rose between 1 percent and 3 percent.
The index of stocks linked to primary resources also rose 1.1 percent, with copper prices rising, after Chinese stimulus measures led to improved demand prospects.
Regarding data, Eurozone unemployment data for August is expected to be published at 0900 GMT.
The markets will also focus on comments by the chief economist at the European Central Bank, Philip Lane, and a number of members of the Council of the European Central Bank will make comments during the day, including Luis de Guindos, vice president of the bank. The shares of British sportswear company JD Sports Fashion fell 2.5 percent. Despite recording profits that exceeded expectations for the first half.
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