Europe open: Stocks look for direction in slow start

European shares edged ahead at the opening on Wednesday, with upbeat economic data from the US and Europe boosting sentiment in muted trade.

The pan-European STOXX 600 index rose 0.12% in early trading. Regional bourses were mixed with Germany’s DAX flat after German retail sales fell much more than expected in April as further Covid-19 restrictions were introduced, according to figures released by the government statistics agency Destatis.

Investors had been cheered by data showing European and US factory activity rose in May.

“Wednesday could be a day where the markets tread water, saving their energies for the US jobs focused sessions on Thursday and Friday, which bring the unemployment claims and latest nonfarm data respectively,” said Spreadex analyst Connor Campbell.

Energy stocks rose on the back gains in crude oil prices after OPEC producers maintained plans to resume oil supplies to the markets in June and July.

In equity news, Swedish car and truckmaker Volvo rose 1.97% after the company’s board proposed that the proceeds from the sale of UD Trucks be distributed to shareholders.

Danish luxury TV and stereo maker Bang & Olufsen jumped 9% after an upbeat full-year earnings forecast.

East Europe-focused budget carrier Wizz Air fell after it reported a €576m net loss for the year as revenue and passenger numbers plunged amid the coronavirus pandemic. The company also said it would post another loss in 2022 unless travel restrictions were lifted quickly and permanently.