European stocks edged higher on Wednesday, shaking off losses on Wall Street triggered in part by softer-than-expected economic data. Resource stocks were leading the gainers, along with sportswear maker Puma.
The Stoxx Europe 600 index
SXXP,
+0.64%
rose 0.4% to 458.04. The German DAX
DAX,
+0.89%
gained 0.7%, the French CAC 40
PX1,
+0.39%
and the FTSE 100
UKX,
+0.63%
rose 0.4% each.
U.S. stock futures
ES00,
+0.18%
YM00,
+0.11%
inched up led by Nasdaq-100 futures
NQ00,
+0.46%.
It was a reflection of Tuesday’s action, which saw the Dow Jones Industrial Average
DJIA,
-0.60%
and S&P 500 index
SPX,
-0.20%
step back from record levels, but a new peak for the Nasdaq Composite
COMP,
+0.17%.
Losses came in part after the Institute for Supply Management reported an unexpected fall in its service sector gauge.
Job openings and the minutes of the most recent Federal Open Market Committee meeting are in the spotlight for Wednesday.
U.S. crude prices
CL.1,
+1.54%
and international benchmark Brent
BRN00,
+1.38%
were up around 0.8% each, underpinning the energy sector. Crude benchmarks pulled back Tuesday on the heels of hitting levels last seen in 2014 after talks between the Organization of the Petroleum Exporting Countries and its allies collapsed amid a deadlock over increasing production.
Shares of Royal Dutch Shell
RDS.A,
-1.40%
RDSA,
+2.01%
climbed 3%. The energy giant said Wednesday that it will boost total shareholder distributions to 20%-30% of cash flow from operations beginning with the announcement of second-quarter results, due later this month.
Shares of BP
BP,
-3.74%
BP,
+0.98%
and Repsol
REP,
+0.50%
rose around 2% each. And mining stocks were also higher, with Rio Tinto
RIO,
+2.09%
RIO,
-1.42%
rising 1.9% and BHP
BHP,
+2.53%
BHP,
-0.93%
up over 2%.
Sportswear makers got a boost, led by a 1.8% rise for shares of Puma
PUM,
+1.71%,
which makes the kits of the Italian national football team. Italy beat Spain 4-2 on penalties at Wembley Stadium on Tuesday to move onto the final of the UEFA Euro 2020 championship, where they will play either England or Denmark at the same stadium on Sunday. Shares of rival Adidas
ADS,
+1.68%
rose 1.5%.
Beer makers were also among the rising stocks, with shares of Anheuser-Busch InBev
BUD,
-1.59%
ABI,
+0.47%
up 1.3% and Heineken
HEIA,
+0.50%
rising 1%. The British Beer & Pub Association (BBPA) is predicting England fans will buy 6.8 million pints on Wednesday during the semifinal later.
EDF
EDF,
+0.98%
lifted its earnings target for the year after raising its expectations for nuclear output in France. Shares of the French energy company rose 2%.
Some technology stocks were rising after Nasdaq gains on Tuesday, with shares of business software giant SAP
SAP,
+3.51%
SAP,
-0.01%
up 3%.
