European stocks rise on easing energy supply concerns; Draghi’s speech to the point

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July 20 (Reuters)European stocks hit six-week highs on Wednesday as energy supply concerns eased following a report that Russian gas supplies would resume as expected, while the Prime Minister’s speech Italian Minister Mario Draghi in Parliament was also at the center of a political crisis.

The STOXX 600 index .STOXX rose 0.4% at 0710 GMT, extending gains to a fourth session, after sources said on Tuesday Russian gas flows to Europe via the Nord Stream 1 pipeline had restarted on time this week after the completion of scheduled maintenance.

A series of upbeat U.S. corporate earnings reports overnight also boosted global investor confidence. .NOTMKTS/GLOB

In Europe, however, chipmaker ASML Holding ASML.AS slid 4.2% as signs of a slowdown in consumer markets led investors to ignore a surge in profits stemming from record new bookings.

Italy MIB Index .FTMIB rose 0.2%, with a vote on Draghi’s speech expected after the market close at 5:30 p.m. GMT.

The speech comes after Italian President Sergio Mattarella urged Draghi to reconsider his resignation submitted last week, after the populist 5-star boycotted a confidence vote on measures to ease the high cost of living.

At the top of the STOXX 600, the German electricity company Uniper UN01.DEwhich rose 7.3% after a report said details of its bailout could be discussed with German Chancellor Olaf Scholz on Friday.

(Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu)

((susan.mathew@thomsonreuters.com; +91-80-6287-2704;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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