European Shares Higher on Strong Earnings Reports

European stocks rose on Wednesday, influenced by positive earnings reports and massive amounts of stimulus across the financial system, all of which overshadowed concerns over the increasing numbers of Corona cases in Europe and the United States.

The pan-European STOXX 600 index (STOXX) rose 0.7%, with the oil & gas index (SXEP) leading gains after BP extended gains for a second day.

Companies listed on the STOXX 600 are expected to report a decline of 67.5% in Q2 earnings, down from a drop of 58.3% forecast the week before, according to Refinitiv data.