Europe open: Shares make strong start despite mixed Asia session

European shares opened higher in what was expected to be muted trade, following on from Tuesday’s luxury-stock driven rally.

The benchmark Stoxx 600 index was up 0.27% despite a mixed session in Asia. Trade on the London Stock Exchange resumed after the long holiday break and made a strong start, up 1%.

Asia trade was choppy, as investors continued to fret about Covid cases in China and the impact on the global economy. China's announcement that it planned to ease pandemic border restrictions had boosted European luxury retailers on Tuesday.

In equity news, Wizz Air and easyJet flew lower after Italy’s competition regulator has launched an inquiry into potential price-fixing of flights to and from Sicily.

Consumer group Codacons filed a complaint about prices on the route. Ryanair, Wizz Air and easyJet are among the airlines potentially involved as well as state-owned ITA Airways.

Reporting by Frank Prenesti for Sharecast.com