European stocks rise amid anticipation of US data and Fed decision

European stocks opened higher on Wednesday, supported by a decline in euro zone bond yields, while traders’ focus turned to crucial inflation data in the United States and the US Federal Reserve’s decision on interest rates scheduled for later today.

By 0723 GMT, the European STOXX 600 index rose 0.4%, after two sessions of decline amid political uncertainty in France.

Government bond yields in the euro zone fell on Wednesday, a day after recording their highest levels in several months, as markets awaited US data and an interest rate decision from the Reserve Board.

Most sectors recorded gains, with the European banking sector rising 1%, while the automobile sector declined 0.5%.

Data showed inflation accelerating in Germany in May due to rising service prices, confirming preliminary data, and the German DAX index rose 0.5%.

Umicor shares fell 6.3% to the bottom of the benchmark index after the Belgian metal recycling group issued a warning about 2024 profits, becoming the latest supplier to be affected by the slowdown in the electric car market.