European Shares Start September With Gains

European shares rose on Wednesday as hopes for more stimulus battled fresh signs of weakness in Asian economies, while investors shook off concerns about rising inflation.

After seven consecutive months of gains, the pan-European STOXX 600 index started September with a gain of 0.7%, close to its record highs set in mid-August.

Asian stocks recovered from early losses after data revealed that factory activities in the region lost momentum in August as a new surge in coronavirus infections disrupted supply chains.

Investors are awaiting data on the manufacturing sector and unemployment for the eurozone later today.

The travel and leisure, insurance, and technology sectors topped the list of the best performing sectors, all increasing by more than one percent.

Grocery group Carrefour fell 5.2% as luxury goods tycoon Bernard Arnault sold his 5.7% stake in the company.