Europe open: Shares rise ahead of eurozone PMI flash data

(Sharecast News) - European markets opened higher on Wednesday with investors mulling a dump of corporate updated, the war in the Middle East and January preliminary purchasing managers' index readings. The pan-regional Stoxx 600 index was up 0.87% at 475.65 with all major bourses higher.

In economic news, Germany's econbomic woes continued when the Institute for Economic Research (Ifo) said gross domestic product was likely to grow by just 0.7% in 2024, down from a previous forecast of 0.9% in response to drastic cuts to the government's 2024 budget amid a funding shortfall.

In equity news, shares in Siemens Energy surged after first-quarter results came in better than expected.

Shares in semiconductor equipment maker ASML gained after results beat expectations, although it forecast flat revenues for 2024.

German software company SAP jumped 7.7% in early deals after the company released its latest financial results and announced plans to restructure 8,000 jobs in a push toward artificial intelligence growth.

Puma shares fell after the sportswear maker said it expected 2024 sales growth in mid-single-digits, compared with previous guidance of high single-digits after results were hit by the extraordinary devaluation of the Argentine peso by 54% in December 2023.

Reporting by Frank Prenesti for Sharecast.com