European Stocks Rise

European stock markets edged higher on Wednesday, rebounding strongly as investors searched for markets after a drop in the previous session as recession fears increased.

European Stocks Rise. As of 04:20 (0820 GMT), the DAX in Germany was up 1.5%, the CAC 40 in France 1.7% and the FTSE 100 in the UK 1.8%. Wednesday's sentiment was boosted by news that new orders from German manufacturers rose in May for the first time in four months, breaking a losing streak that began in the immediate aftermath of Russia's invasion of Ukraine. The statistics office Destatis said orders rose 0.1% from April, while revising April's figures to show a decline of just 1.8% from an initial estimate of 2.7%. The figure, an important leading indicator for the Eurozone economy, helped overcome some of the pessimism generated by Tuesday's release of S&P GIobal's composite purchasing managers' index for the single currency bloc, which hit a 16-month low. Eyes will now be on Eurozone retail sales data for May, when investors will try to assess the impact of higher inflation on the region's consumers. The region's main stock indices closed with big losses on Tuesday after new survey data showed the Eurozone economy edging closer towards contraction. Gas rationing in Europe, the political crisis in the UK and the resurgence of COVID-19 cases in Shanghai that led to new restrictions also contributed to the negative sentiment. On the corporate front, Just Eat Takeaway (AS:TKWY) shares rose more than 16% after the online delivery service announced a new partnership with Amazon (NASDAQ:AMZN) that will see the tech giant take a stake in the Grubhub unit. Trainline (LON:TRNT) shares rose more than 20% after a sharp rebound in tourism in the spring led the company, which specializes in selling online tickets for train travel across Europe, to raise its expectations. On the other hand, Uniper (ETR:UN01) shares fell 4.6% after the German gas giant continued bailout talks with the German government amid a continent-wide energy crisis. Oil prices traded higher on Wednesday, rebounding from the previous session's decline, focusing on the supply tightness. Mohammad Barkindo, secretary general of the oil producers group OPEC, died late Tuesday, just hours after he said the sector was facing some problems due to years of underinvestment. Barkindo said the supply crunch could ease if additional supplies from Iran and Venezuela were allowed, but added that additional supplies from the Persian Gulf nation seemed unlikely in the near term following the rejection of a plan to return to the 2015 international nuclear deal.   Source: Investing.com