# European shares rise on easing energy supply worries; Draghi speech in focus
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-07-20
Category: INVESTING
Category URL: https://financedigest.com/category/investing
Meta Title: European shares soar as Russian gas supply fears ease
Meta Description: Get the latest updates on European stocks as Russian gas supplies resume and upbeat U.S. corporate earnings boost market sentiment.
URL: https://financedigest.com/european-shares-rise-on-easing-energy-supply-worries-draghi-speech-in-focushtml

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(Reuters) – European shares scaled near six-week highs on Wednesday as energy supply worries eased following a report that Russian gas supplies would resume as scheduled, while Italian Premier Mario Draghi’s parliament address was also in focus amid a political crisis.

The STOXX 600 index rose 0.4% by 0710 GMT, extending gains to a fourth session, after sources on Tuesday said Russian gas flows to Europe via the Nord Stream 1 pipeline were seen restarting on time this week after the completion of scheduled maintenance.

A slew of upbeat U.S. corporate earnings [reports overnight also aided global investor](https://www.financedigest.com/influx-of-one-time-investors-swapping-stocks-for-bricks-and-mortar-reports-agency.html "Influx of ‘one-time’ investors swapping stocks for bricks and mortar reports agency") sentiment. \[.N\]\[MKTS/GLOB\]

In Europe, however, chipmaker ASML Holding slid 4.2% as signs of a slowdown in consumer markets saw investors look past a [profit rise](https://www.financedigest.com/pizza-firm-dp-eurasia-delivers-profit-rise-evaluating-russian-business.html "Pizza firm DP Eurasia delivers profit rise, evaluating Russian business") from record new bookings.

Italy’s MIB index was up 0.2%, with a vote on Draghi’s speech [expected after market close](https://www.financedigest.com/thermoplastic-films-market-is-expected-to-expand-at-a-healthy-cagr-of-close-to-6-and-be-valued-at-us-14-7-bn-in-2031.html "Thermoplastic Films Market is expected to expand at a healthy CAGR of close to 6% and be valued at US$ 14.7 Bn in 2031") at 1730 GMT.

The address comes after Italian President Sergio Mattarella urged Draghi to reconsider his resignation tendered last week, after populist 5-Star boycotted a confidence vote on measures aimed at alleviating the high [cost of living](https://www.financedigest.com/five-cost-of-living-trends-expected-in-2023.html "Five cost of living trends expected in 2023").

Topping the STOXX 600 was [German power firm Uniper, which rose 7.3% after a report said details of its bail-out could be discussed with German Chancellor](https://www.financedigest.com/german-chancellor-meets-auto-battery-bosses-in-mobility-summit.html "German chancellor meets auto, battery bosses in ‘mobility’ summit") Olaf Scholz on Friday.

(Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu)


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