Jan 14 (Reuters) – European stocks recovered their poise on Wednesday after a modest dip a day earlier, as a surge in shares of energy firms RWE and SSE drove the utility index higher.
The companies were among the project developers to win guaranteed electricity price contracts in Britain’s latest offshore wind power auction, which secured a record amount of capacity, the government said on Wednesday.
The duo were the biggest gainers in the utilities index, which rose 1% and was set to snap a two-day losing streak.
Markets are set for an eventful session, with investors awaiting a possible U.S. Supreme Court ruling on the legality of President Donald Trump’s tariffs.
Executives at Bank of America and Citigroup are also expected to weigh in on Trump’s plan to cap credit card interest rates for a year. On Tuesday, JPMorgan Chase’s top brass said such a move would hurt consumers.
The pan-European STOXX 600 rose 0.3% by 0812 GMT, recovering after a 0.1% dip the day before. Germany’s DAX index was marginally higher and on track for the 12th consecutive day of gains, its first since 2014.
Shares of Gucci-owner Kering dipped 0.2%, while the world’s biggest luxury conglomerate LVMH rose 0.6%.
The stocks are expected to be in focus through the session, as the companies were listed as unsecured creditors to high-end department store conglomerate Saks Global, which filed for bankruptcy late on Tuesday.
(Reporting by Niket Nishant in Bengaluru; Editing by Janane Venkatraman)
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