European stocks steady on upbeat earnings

European stocks steadied on Wednesday as encouraging earnings reports from some of Europe's biggest banks and companies helped investors look past worries about China's regulatory crackdown that kept markets on edge this week. The pan-European STOXX 600 index rose 0.1% by 0716 GMT, inching up after two sessions of declines.

European stocks steadied on Wednesday as encouraging earnings reports from some of Europe's biggest banks and companies helped investors look past worries about China's regulatory crackdown that kept markets on edge this week.

The pan-European STOXX 600 index rose 0.1% by 0716 GMT, inching up after two sessions of declines. German lender Deutsche Bank rose 3.9% after it delivered a better-than-expected quarterly profit, while UK's Barclays jumped 4.0% as it announced the resumption of shareholder payouts after beating first-half profit expectations.

The tech sector was propped up by a 4.1% rise in French consulting and IT services provider Capgemini after it raised its 2021 outlook. Wizz Air added 4.4% after it forecast capacity to ramp up to between 90% and 100% of pre-pandemic levels in July and August.

Among decliners, Dutch semiconductor supplier ASM International was down 2.9% despite forecasting revenue growth in the next quarters.