European Shares Gain Ahead Of UK Budget

European stocks advanced on Wednesday despite the latest FOMC minutes offering no indication of possible rate cuts.

Hamas and Israel have agreed to a Qatar-mediated pause in fighting, helping ease Middle East tensions.

The deal includes the release of 150 Palestinian prisoners held in Israeli jails in exchange for 50 people held captive by Hamas in Gaza since the armed group that rules the enclave stormed southern Israel on October 7.

On a light day on the economic front, investors looked ahead to U.K. finance minister’s budget update for direction.

Chancellor of the Exchequer Jeremy Hunt will deliver the 2023 Autumn Statement later today, outlining the government’s fiscal plan for the year ahead. The announcement is due at around 7.30 am ET.

The pan European STOXX 600 was up half a percent at 458.26 after ending marginally lower on Tuesday.

The German DAX gained half a percent, France’s CAC 40 climbed 0.6 percent and the U.K.’s FTSE 100 was up 0.1 percent.

British software firm Sage jumped 10 percent after reporting strong revenue growth in its full-year results and launching a share buyback.

Home improvement retailer Kingfisher slumped 7 percent after cutting its profit outlook for the second time in three months.

Retail company Casino Group fell about 1 percent after it warned of likely 2023 losses for its core French business.

Germany’s Fresenius Medical Care added 1.6 percent after raising its annual earnings outlook.

Also, the world’s leading provider of products and services for individuals with renal diseases has resolved a legal dispute with the U.S. government.

Thyssenkrupp jumped 7 percent. After reporting fiscal 2023 net loss of 2.0 billion euros, the industrial engineering and steel company said it sees profit and higher sales in RY24.

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