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

Published On : 07/20/2022

(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)

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.