Tech stocks lead STOXX 600 higher; Barry Callebaut shimmers

By Thomson Reuters Apr 10, 2024 | 2:26 AM

(Reuters) – European shares rose on Wednesday, led by gains in technology-related stocks ahead of a crucial inflation report out of the United States, while Barry Callebaut soared to a more-than-three-month high following results.

The pan-continent STOXX 600 added 0.7% by 0717 GMT, led by a 1.2% gain in the technology sector following upbeat quarterly revenue from Taiwan chipmaker TSMC

Data on the U.S. March consumer prices, expected at 1230 GMT, is likely to offer clues on when the Federal Reserve could deliver its first rate cut, given recent U.S. data that reflected a resilient economy and labour market.

Among single stocks, Barry Callebaut reported upbeat half-yearly revenue helped by increasing cocoa prices, sending shares of the chocolate maker up 8.1%.

Italgas slipped 0.9% after the Italian gas distributor sent a preliminary offer worth 4-5 billion euros ($4.3-5.4 billion) for its main domestic rival 2i Rete Gas, as per a report.

Koninklijke Philips surged 5.8% after the medical equipment maker reached an agreement with the U.S. government on a consent decree regarding its Respironics’ business operations in the country.

(Reporting by Johann M Cherian and Ozan Ergenay; Editing by Janane Venkatraman)