European shares rebound on profit boost

European shares rose on Wednesday after positive business results from food and beverage companies, but concerns about the war in Ukraine, slowing growth and rising revenue limited gains.

The pan-European Stoxx 600 index rose 0.5 percent, with banking and food and beverage stocks gaining 1.3 percent each.

Meanwhile, the mining sector shares fell 0.8 percent and the oil sector shares fell 0.5 percent.

Danone shares jumped 7.2% after the French food group posted stronger-than-expected sales growth in the first quarter of the year and maintained its 2022 targets.

Heineken N.V. shares rose 3.3 percent after the company posted a sharp rise in beer sales in the first quarter as pubs reopened in Europe.

Credit Suisse shares fell 1.9 percent after the Swiss bank said it expected a net loss in the first quarter and the larger negative effects of Russia’s invasion of Ukraine.

Meanwhile, data on Wednesday showed German producer prices rose 30.9 percent year on year in March, reflecting the effects of the conflict in Ukraine for the first time.