LONDON — European markets closed higher on Wednesday, maintaining positive momentum even as U.S. stocks pulled back ahead of highly anticipated earnings from AI beneficiary Nvidia.
The pan-European Stoxx 600 provisionally closed 0.33% higher, with most major regional bourses and sectors trading in the green. Mining stocks pulled back 1.25%, while chemicals added 1.4% and insurance stocks rose 1.16%.
British insurer Prudential on Wednesday reported a 9% jump in adjusted operating profit in the first half of 2024, with company shares briefly rising more than 2% higher, before pulling back into negative territory. Meanwhile, privately held toymaker Lego posted a 13% rise in revenue during the first six months of the year.
That comes after a choppy session on Tuesday, which saw the Stoxx 600 close slightly higher. After a negative start to August, the index is on course to end the month in the green, according to LSEG data.
In Europe on Wednesday, data from the French statistics office showed that household confidence about the country's economy rose slightly in August.
Stateside, all eyes are on Nvidia's latest earnings report which is due later in the session. Results from the artificial intelligence heavyweight could provide clues about the longevity of the tech and AI trade, and what could lie ahead for the sector which has been booming this year.
U.S. stocks were slightly lower ahead of the Nvidia release, after Wall Street had a winning day on Tuesday.
Money Report
Asia-Pacific markets pulled back as investors weighed higher-than-expected July inflation figures out of Australia.
Correction: This story was updated to more accurately reflect which consumer confidence figures will be released in Europe on Wednesday.
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