European Shares Edge Higher After US Tech Rebound

(RTTNews) - European stocks were moving higher on Wednesday as a rebound in tech stocks on Wall Street overnight outweighed hawkish comments from Federal Reserve officials.

Investors also shrugged off the results of a closely watched survey that showed German consumer confidence is set to deteriorate in July as the economy struggles to gain momentum.

After rising for four straight months, the consumer climate index dropped unexpectedly to -21.8 in July from -21.0 in June, the survey published jointly by GfK and the Nuremberg Institute for Market Decisions showed. The score was forecast to climb to -19.4.

Amid much uncertainty about the interest-rate outlook, investors braced for the release of key U.S. inflation reading, due later this week for further direction.

The pan European STOXX 600 rose 0.4 percent to 519.62 after falling 0.2 percent on Tuesday.

The German DAX climbed 0.7 percent, France's CAC 40 added 0.2 percent and the U.K.'s FTSE 100 was up half a percent.

Eurozone bond yields continued to advance due to political uncertainty resulting from changes in the partisan landscape in the region.

In corporate news, Gelion shares surged 31 percent in London after the Anglo-Australian battery innovator said it has signed a Joint Development Agreement with Glencore International AG, a diversified resource company.

Miners Anglo American, Antofagasta, BHP and Glencore rose 1-2 percent.

Oil & gas giant BP Plc rose 0.7 percent and Shell edged up 0.3 percent as oil prices rose despite industry data showing a small build in U.S. crude inventories.

Meal delivery company Deliveroo rallied 3.6 percent after reports of takeover interest from U.S. rival DoorDash.

Checkit, an augmented workflow and smart sensor automation company, fell 2.4 percent after it decide not to make an offer to acquire Crimson Tide.

Volkswagen fell 1.5 percent after the German automaker announced $5 billion investment in Rivian, the American EV maker, in a joint venture.