Europe open: Shares higher on earnings as investors eye Fed

European shares opened slightly 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 0.4% in early deals, 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, up 1%, with UniCredit up as the bank lifted its annual outlook after a strong second quarter.

In equity news, Reckitt Benckiser gained 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 fell after reporting lower first-half profits and a dividend cut.

Lloyds Bank shares rose 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 flew higher 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.