European Shares Rise Before Nvidia Earnings

European stocks traded higher for a third consecutive session on Wednesday in a build-up in expectations over Nvidia’s earnings release later in the day.

The world’s most valuable chipmaker will report its second-quarter earnings after the closing bell on Wall Street.

Meanwhile, investors shrugged off weak regional activity data and looked ahead to the Fed’s Jackson Hole symposium at the end of the week for directional cues.

Eurozone business activity contracted further in August as the region’s downturn spread further from manufacturing to services, according to PMI survey data published earlier today.

The S&P Global composite index flash reading fell to 47.0 from 48.6 in July, hitting its lowest since November 2020.

The pan European STOXX 600 was up 0.6 percent at 454.17 after rising 0.7 percent on Tuesday.

The German DAX and France’s CAC 40 both rose about 0.4 percent while the U.K.’s FTSE 100 climbed 0.8 percent.

Swiss drug maker Roche jumped 4.4 percent after an announcement that it had inadvertently published positive lung cancer drug trial data from an interim analysis.

GSK rose about 1 percent in London after reporting significant positive findings from its first efficacy trial of the ‘Shingrix’ shingles vaccine in China.

Cohort’s, an aerospace defense company, jumped over 4 percent after its unit Systems Engineering & Assessment secured a contract worth 17.5 million pounds from a U.K. customer.

Oil & gas company Ithaca Energy fell nearly 2 percent after posting a drop in first-half attributable profit and revenue.

German wind turbine manufacturer Nordex jumped 2.1 percent after securing three contracts from Heitkamp Industrial Solutions GmbH, a German subsidiary of contracting company Ronesans Holding.

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