European stocks rose on Wednesday as bets increased that global interest rate hikes have peaked, with the mining sector benefiting from rising metal prices, while the German DAX index recorded a new all-time high. The Stoxx 600 index increased by 0.1 percent by 08:09 GMT, and the DAX index also rose by 0.1 percent. The basic resources sector index gained 1.3 percent, bolstered by higher prices for most base metals.
Investors are now awaiting data on the Eurozone’s construction purchasing managers' index for November, along with October's retail sales, to gauge the strength of the European economy amid recession fears. Attention is also on the U.S. employment report following a decline in new jobs to the lowest level in over two and a half years on Tuesday, which has raised expectations that the Federal Reserve's tightening cycle may be over.
Shares of British grocery and technology group Ocado rose by 3.1 percent after JPMorgan raised its recommendation for the company from "underweight" to "neutral." In contrast, shares of German company Merck fell by 13.4 percent after its experimental drug, evobrutinib, failed to meet the required endpoint in late-stage trials for treating multiple sclerosis.
