European Shares Flat To Higher As Energy Stocks Rally On Middle East Tensions

(RTTNews) - European stocks were flat to slightly higher on Wednesday, with energy stocks leading the surge as oil extended an overnight rally on concerns that Middle East tensions could escalate and potentially disrupt crude output from the region.

In economic news, Eurozone's unemployment rate came in unchanged at 6.4 percent in August, matching expectations.

The pan European STOXX 600 was up 0.2 percent at 521.68 after falling 0.4 percent on Tuesday.

The German DAX was marginally lower while France's CAC 40 rose 0.4 percent and the U.K.'s FTSE 100 edged up 0.1 percent.

Energy giant BP Plc and peer Shell both jumped around 2.5 percent in London.

TotalEnergies rallied 3.2 percent in Paris. The company has announced the final investment decision for the GranMorgu development located on offshore Block 58 in the Republic of Suriname with total investment of around $10.5 billion.

JD Sports slumped 5 percent despite the British sportswear retail chain reporting record sales in the 26 weeks to August and reaffirming its FY25 guidance.

Wizz Air Holdings plummeted 6 percent after the airline reported a drop in load factors over the course of September.

Telia fell about 1 percent. The Swedish telecommunications operator has announced the appointment of Alexandra Furst as its Chief Technology and Information Officer (CTIO).

Skanska AB rose about half a percent. The construction company has secured a supplemental award with an existing client to build additional data halls at a data center in Georgia, USA.

GEA Group shares climbed 2.8 percent. The German technology supplier for food processing and a wide range of other industries on its capital markets day said it achieved its mid-term financial goals of Mission 26 growth strategy ahead of 2 years.