Europe open: Shares rise on upbeat Asia session

European shares were up at the open on Wednesday after an upbeat session in Asia and despite disappointing China PMI data.

The pan-European Stoxx 600 index was up 0.42% at 0830 GMT. Asia stocks shrugged off a weak session in the US as hopes of an easing of Covid curbs in China boosted sentiment.

China’s official NBS manufacturing PMI fell the most since April, hitting 48 in November versus 49.2 in October and below expectations for 49 as the country’s zero-Covid policy weighed on factory activity.

Investors will also be eyeing eurozone inflation data and a speech from US Federal Reserve chair Jerome Powell for hints on the pace of rate rises.

In equity news, Pennon shares fell as the UK utility form reported lower interim profits as costs mounted.

SBB shares rose after Brookfield Asset Management said it would buy a 49% stake in the education portfolio of the Swedish real estate company.

Still in Sweden, Avanza bank fell sharply after suggesting the Riksbank’s latest policy rate hike will not have a positive impact on net interest income.

Reporting by Frank Prenesti for Sharecast.com