European stocks inch higher ahead of German business sentiment data

European stocks edged higher on Wednesday, with travel stocks rising for a fourth day, while markets globally were range-bound ahead of a policy update from the US Federal Reserve later this week.

The pan-European Stoxx 600 index rose 0.1 per cent at 0717 GMT after a record close on Wall Street. The European benchmark itself was just less than a percent away from its peak.

Travel and leisure stocks gained 0.7 per cent to hit their highest level in over a week.

Data from Germany’s Ifo institute is expected to show business morale eased further in August after falling unexpectedly in July due to concerns about a rise in Covid-19 cases and supply chain issues.

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Among stocks, Swedish radiation therapy equipment maker Elekta slid 6.4 per cent after saying it was preparing for higher supply chain and related costs after profits tumbled in the three months to July.

UK food delivery firm Deliveroo slipped 1.8 per cent, while British supermarket Morrisons edged up after news it was set to enter the UK's blue-chip FTSE 100 index. – Reuters