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European shares edge up as industrials gain

February 02, 2023 00:00:00

European shares edged higher on Wednesday as industrial stocks gained, while investors awaited the outcome of the US Federal Reserve's first policy meeting this year, reporrts Reuters.

The pan-European STOXX 600 was up 0.3 per cent by 0943 GMT, after clocking its biggest January gain since 2015 at 6.7 per cent, on hopes of better-than-expected corporate earnings and signs of economic resilience.

A survey by S&P Global showed that the downturn in euro zone manufacturing activity eased further last month, price pressures alleviated and the fall in demand moderated.

Industrials stocks were among the top sector performers, up 0.8 per cent.

Sweden's Husqvarna jumped 5.6 per cent to the top of the STOXX 600 after the Swedish gardening power tools maker reported better-than-expected fourth-quarter sales, while Danish drug maker Novo Nordisk rose 0.6 per cent on strong 2023 sales growth expectations.

BBVA gained 1.4 per cent after the Spanish bank's fourth-quarter net profit rose 17.6 per cent year-on-year, thanks to a strong performance in Mexico.

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