European stocks rise supported by business results

European stocks started trading on a higher note today, Wednesday, supported by the rise of Anheuser-Busch InBev and Siemens Energy shares following strong quarterly results, while investors are also considering the fate of interest-cutting decisions from major central banks.

By 0720 GMT, the European STOXX 600 index rose 0.3% to its highest levels in more than a month. The index jumped more than 1% to a record closing level on Tuesday.

According to Reuters, Siemens Energy shares rose by about 13% after the German company specializing in the manufacture of electrical equipment raised its expectations for the year 2024 after the results of the second quarter exceeded expectations.

Shares of Anheuser-Busch InBev, the largest global beer maker, jumped 4.8% after sales increased in the first quarter by 2.6%, which was in line with expectations, while sales volumes were better than expected.

This pushed the food and beverage sub-index to rise 1.4%.

On the other hand, BMW shares fell 4.7% after the automaker expected a decline in pre-tax profits this year.

Skanska, a Swedish construction company, fell 4.2% after a smaller-than-expected increase in operating profits in the first quarter.