(Reuters) -European shares edged higher on Thursday as a wave of positive corporate earnings boosted sentiment, while investors awaited trade developments between the United States and China.
The continent-wide STOXX 600 index rose 0.2% at 573.19 points, as of 0720 GMT.
U.S. President Donald Trump said on Wednesday he expected to reach agreements with his Chinese counterpart when they meet in South Korea next week.
Trump has sent conflicting signals on the meeting in recent days. On Tuesday, he told reporters that it might not happen.
According to a Reuters report, the Trump administration is considering a plan to curb an array of software-powered exports to China to retaliate against Beijing’s latest round of rare earth export restrictions.
Meanwhile, the U.S. hit Russia’s major oil companies with sanctions over the Ukraine war. EU countries on Thursday formally adopted the 19th package of sanctions against Russia.
European energy stocks rose 2.3%, tracking the move in oil prices following the sanctions.
BP and Shell added 3.2% and 2.2%, respectively, while Aker BP rose 4.4% and Equinor added 3.9%.
Among corporate updates, Nokia jumped 10.8% after reporting third-quarter profit well ahead of expectations.
Kering’s overall group sales fell less than analysts expected in the third quarter. Shares of the French luxury group rose 7.8%.
(Reporting by Sukriti Gupta in Bengaluru; Editing by Harikrishnan Nair)
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