Strong results boost European stocks ahead of the Federal Reserve meeting

European shares rose on Wednesday, thanks to strong results from Britain’s Reckitt Benckiser and Russia-exposed bank UniCredit, while a decline in luxury goods LVMH shares limited gains.

The pan-European Stoxx 600 index rose 0.2 percent. Still, investors are cautious amid concerns over energy supplies in Europe, with the US Federal Reserve also focused on clues to the path of future interest rate hikes.

The US central bank is expected to raise the key interest rate by 75 basis points.

Italy’s MIB index jumped 1 percent, leading to gains among its regional peers. Unicredit shares rose 6.8 percent as it raised expectations for 2022 after a strong second quarter.

The French CAC 40 index fell 0.1 percent, dragged down by a 2.0 percent drop in LVMH shares. The company issued a cautious note about the pace of recovery in the main Chinese market after Asian revenues were affected by the shutdowns in China.

Shares of Reckitt Benckiser, maker of cleaning products Dettol and Lysol, jumped 6 percent as it raised its full-year revenue forecast after sharp price hikes helped it beat sales forecasts in the second quarter.

But Rio Tinto miner shares fell 3.4 percent after falling first-half profits, limiting gains in the London-based FTSE.