European stocks climb higher ahead of German business sentiment data
European stocks edged higher on Wednesday, with travel stocks rising for a fourth day, while markets globally were range-bound ahead of a policy update from the US Federal Reserve later this week.
The pan-European STOXX 600 index rose 0.1% at 0717 GMT after a record close on Wall Street. The European benchmark itself was just less than a percent away from its peak.
Travel and leisure stocks gained 0.7% to hit their highest level in over a week.
Data from Germany’s Ifo institute is expected to show business morale eased further in August after falling unexpectedly in July due to concerns about a rise in COVID-19 cases and supply chain issues.
Among stocks, Swedish radiation therapy equipment maker Elekta slid 6.4% after saying it was preparing for higher supply chain and related costs after profits tumbled in the three months to July.
UK food delivery firm Deliveroo slipped 1.8%, while British supermarket Morrisons edged up after news it was set to enter the UK’s blue-chip FTSE 100 index.