Europe open: Shares rise despite weak Wall Street, mixed Asia

European shares opened higher on Wednesday despite falls on Wall Street and a mixed session in Asia as investors continued to bet that markets had evaded a full-blown banking crisis.

The pan-regional Stoxx 600 index was up 0.57% at 0700 GMT with all major bourses higher.

In economic news, German consumer sentiment is expected to improve in April, according to a survey released on Wednesday by market research group GfK.

GfK’s forward-looking consumer sentiment index for April rose to -29.5 from a revised -30.6 in March, coming in a touch below consensus expectations of -29.2.

The headline expectations index fell to 3.7 from 6.0, while the income expectations index improved to -24.3 from -27.3. The propensity to buy index ticked up just a touch to -17.0 from -17.3.

In equity news, shares in shipping giant Maersk topped the risers after the company said supply chain constraints after the Covid-19 pandemic had stabilised.

Shares in UK fashion retailer Next tanked despite reporting better-than-expected profits. The company said higher costs for wages and energy were still expected to reduce its profit this year as it maintained a cautious outlook. Sector peers Marks & Spencer and Primark owner AB Foods fell on the news.

Tesco shares gained after Morgan Stanley raised the stock to 'overweight' from 'equal weight', increasing its price target to 296p from 263p

Eyes were also on UBS with news that the Swiss banking giant has rehired Sergio Ermotti as CEO to help steer its $3.2bn takeover of scandal-hit rival Credit Suisse.

Reporting by Frank Prenesti for Sharecast.com