European shares break four-day losing streak

European shares rose in early deals on Wednesday, breaking a four-day losing streak as investors sought safe-haven assets after markets sold off globally on the back of concerns about the effectiveness of central bank policy. The STOXX 600 was up 0.3 per cent, rebounding from one-month lows.

The recovery was led by a rise in Basic Resources, which rose 0.9 per cent as precious metals miners Fresnillo and Randgold Resources were in demand as safe-haven assets. Sweden’s Fingerprint Cards jumped 4.2 per cent after SEB started its coverage of the stock with a “buy” rating, according to media reports.

Luxury stocks, however, came under pressure with France’s Hermes falling 6.3 percent after saying that it would no longer provide an annual sales growth forecast starting next year due to the uncertain trading environment. Swiss watchmaker Richemont also fell after a disappointing update.

Reuters