European shares rose on Wednesday, taking cues from overnight gains on Wall Street after U.S. Federal Reserve Chair Jerome Powell sounded less hawkish than expected in a Congressional testimony.
The pan-European STOXX 600 index rose 0.5% as of 0813 GMT, tracking global stocks, as Powell said the U.S. economy was ready for the start of tighter monetary policy but it may take several months to make a decision on running down the Fed's $9 trillion balance sheet. Miners led gains, advancing 2% after factory gate inflation data showed more room for policy easing in China, while tech stocks rose for the second straight session.
Dutch firm Philips plunged 11.1% after saying it expects fourth-quarter core profit to drop around 40%, hit by a global shortage of parts and a recall of ventilators. French cloud computing company OVHcloud climbed 4.2% following a 13.9% rise in first-quarter revenue and said it was on track to achieve its full-year objectives.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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