European shares rise on easing energy supply worries; Draghi speech in focus

(Reuters) – European shares scaled near six-week highs on Wednesday as energy supply worries eased following a report that Russian gas supplies would resume as scheduled, while Italian Premier Mario Draghi’s parliament address was also in focus amid a political crisis.

The STOXX 600 index rose 0.4% by 0710 GMT, extending gains to a fourth session, after sources on Tuesday said Russian gas flows to Europe via the Nord Stream 1 pipeline were seen restarting on time this week after the completion of scheduled maintenance.

A slew of upbeat U.S. corporate earnings reports overnight also aided global investor sentiment. [.N][MKTS/GLOB]

In Europe, however, chipmaker ASML Holding slid 4.2% as signs of a slowdown in consumer markets saw investors look past a profit rise from record new bookings.

Italy’s MIB index was up 0.2%, with a vote on Draghi’s speech expected after market close at 1730 GMT.

The address comes after Italian President Sergio Mattarella urged Draghi to reconsider his resignation tendered last week, after populist 5-Star boycotted a confidence vote on measures aimed at alleviating the high cost of living.

Topping the STOXX 600 was German power firm Uniper, which rose 7.3% after a report said details of its bail-out could be discussed with German Chancellor Olaf Scholz on Friday.

(Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu)