Europe close: Italian shares outperform as Unicredit ups guidance

European shares were higher on Wednesday amid a deluge of corporate results as cautious investors eyed the energy supply situation and awaited a rise in US interest rates.

The pan-European Stoxx 600 index rose 0.47% to 428.12, with all major regional bourses higher. The Fed is expected to increase its key interest rate by 75 basis points later today.

Italy's MIB index outperformed the benchmark, trading up 1.52% to 21,480.70, with UniCredit up as the bank lifted its annual outlook after a strong second quarter.

TTF natural gas futures rose 5.1% to 205 euros/MWh.

In other equity news, French payments company Worldline surged 14% after first-half revenues exceeded forecasts.

French software outfit Atos jumped 16% after announcing that it had secured financing for a turnaround plan.

Reckitt Benckiser gained 3% as it raised its full-year revenue forecast after steep price hikes helped it beat second-quarter sales expectations.

It now expects like-for-like net revenue growth of 5% to 8%, up from previous guidance that it would be at the upper end of a range of 1% to 4%. It also expects growth in adjusted operating margins.

Miner Rio Tinto dipped after reporting lower first-half profits and a dividend cut.

Lloyds Bank shares advanced 4% as the lender lifted annual guidance after a rise in net income for the half year due to rising interest rates, and despite a fall in pre-tax profits.

Wizz Air bounced despite wider first-quarter operating losses as it was hit by higher fuel costs, but forecast a material operating profit as revenue and pricing momentum continue to improve, and said levels of disruption at airports had started to normalise.