AMSTERDAM/LONDON: European stocks inched up on Wednesday, as upbeat earnings from German software firm SAP and French luxury goods maker LVMH offset concerns about a potential setback to the continent’s COVID-19 vaccination programme.

The pan-European STOXX 600 index rose 0.2%, with technology stocks leading gains with a 1.0% rise after their US peers rallied overnight.

SAP jumped 4.2% as it nudged its outlook for 2021 revenue higher after reporting first-quarter results that showed a rise in cloud sales.

LVMH gained 3% to hit a record high after sales bounced back far more quickly than expected in early 2021 as Chinese and US shoppers made the most of easing COVID-19 restrictions.

Other luxury stocks including Gucci-owner Kering, Richemont and Hermes added between 1.2% and 1.7%.

Earnings for companies listed on the STOXX 600 are expected to jump 55.7% in the first quarter, according to Refinitiv IBES data, more than the 47.4% rise forecast a week earlier.

Britain’s biggest retailer Tesco fell 2.7% after reporting a 20% drop in full-year pretax profit.