European stocks continue their gains, supported by earnings reports

European stocks rose on Wednesday as risk appetite was supported by a batch of positive corporate earnings reports, with the index on track for its longest consecutive period of gains since November 2021.

And by 0815 GMT, the European Stoxx 600 index rose 0.3 percent, supported by a rise in interest rate-sensitive technology shares.

Dutch semiconductor company ASM International jumped 7.7 percent after posting fourth-quarter profit that exceeded expectations, supported by better-than-expected supply chain conditions and increased processing of backlogs.

The index rose by nearly 7.5 percent in a strong start to the year, supported by hopes for a recovery in the Chinese economy, easing price pressures, lower prices for natural gas futures contracts, and growing expectations of a smaller-than-expected recession.

Luxury goods company Richemont rose 2.4 percent after the company posted higher quarterly sales as tourists returned to Europe and Japan.

Shares of Just Eat Takeaway, Europe’s largest food delivery company, rose 14.2% after the company confirmed that its priority would be profitability over growth despite the decline in orders in the fourth quarter.