European shares rise with a boost from the results of ASML Semiconductor

European shares rose on Wednesday as strong financial results for ASML Semiconductor gave a boost to the technology sector and boosted hopes that earnings season will be auspicious.

However, the rise was limited due to the still continuing fears of rising inflation and interest rate hikes.

ASML shares rose 5.5 percent after it reported stronger-than-expected sales and profits in the third quarter and indicated it did not expect a significant impact on its business from US sanctions on China.

The pan-European Stoxx 600 index rose 0.1 percent, extending its gains for a fifth day, driven by strong business results from US companies, as well as Britain’s retreat from an economic plan that had caused a blow to the bond market.

Nestlé raised its full-year sales forecast, but its chief executive cited concerns about the “challenging economic environment” and its impact on consumers’ purchasing power. The company’s shares fell 0.3 percent.