European Shares Open Higher

(Reuters) – European shares opened higher on Wednesday, led by energy stocks, despite a slump in Asian stocks and Wall Street following Iran’s ballistic missile strike on Israel, which raised fears of a broader regional conflict.

The pan-European STOXX 600 rose 0.2% to 522.10 points as of 0710 GMT.

The energy sector provided the biggest boost to the index, gaining 1.7% after oil prices surged due to increasing concerns in the Middle East, particularly following Iran’s largest military action against Israel.

Defense companies such as Germany’s Rheinmetall, Sweden’s Saab, and BAE Systems experienced gains between 1% and 3%.

Basic Resources rose 1.1% as copper prices increased following China’s stimulus measures that improved demand prospects.

On the data front, euro-zone unemployment data for August is set to be released at 0900 GMT. Additionally, markets will focus on comments from European Central Bank’s chief economist Philip Lane, alongside remarks from several ECB board members, including Vice President Luis de Guindos.

In corporate news, JD (NASDAQ:JD) Sports Fashion saw a 2.5% decrease, even after the British sportswear retailer surpassed consensus forecasts for first-half profit.

(This story has been corrected to fix the energy sector move to 1.7%, not 17%, in paragraph 3)