European shares opened higher on Wednesday, led by energy stocks, defying a slump in Asian stocks and Wall Street after Iran’s ballistic missile strike on Israel raised fears of a broader regional conflict.
The pan-European STOXX 600 rose 0.2% to 522.10 points, as of 0710 GMT.
The energy sector provided the biggest boost to the index, gaining 1.7% after oil prices jumped due to rising concerns in the Middle East that could escalate, following Iran’s biggest-ever military blow against Israel.
Defence companies such as Germany’s Rheinmetall, Sweden’s Saab and BAE Systems gained between 1% and 3%. Basic Resources rose 1.1% as copper prices gained after China’s stimulus measures brightened demand prospects.
On the data-front, euro-zone unemployment data for August is set to drop at 0900 GMT.
European shares close lower on growing fears of Iran attack on Israel
Markets will also be focussing on comments by the European Central Bank’s chief economist Philip Lane, with a host of ECB board members set to speak through the day, including Vice President Luis de Guindos.
JD Sports Fashion lost 2.5% despite the British sportswear retailer beating a consensus forecast for first-half profit.
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