European shares edge higher at start of holiday-thinned week

(Reuters) – European shares were marginally higher on Wednesday as robust China data lifted miners, while an overnight Wall Street rally amid persisting optimism the Federal Reserve could begin cutting rates as early as next March helped tech stocks rise.

By 0814 GMT, the pan European rose 0.1% at 477.83 points following an over 0.4% gain across major Wall Street indexes overnight. [.N]

Basic resources was amongst the top gainers, rising 0.4% as most base metal and iron ore prices advanced after data showed manufacturing activity in top consumer China improved last month, while energy advanced 0.6%.

The technology sector, which houses Europe’s major chipmakers, jumped 0.7%, in line with their rising Wall Street counterparts.

Keeping a lid on gains, telecoms and insurers fell 0.4% each.

Volumes are expected to be light as traders return from an extended Christmas break with only a few trading days left in 2023.

Bayer (OTC:) rose 1.7% after the German drugs-to-pesticides group said it has won a trial in a lawsuit brought by a California man who said he developed cancer from exposure to its Roundup weedkiller.