European shares moved higher on Wednesday amid broad-based gains, with property stocks standing out as a strong feature as investors digested more comments from US Federal Reserve chair Jerome Powell’s second day of testimony.Meanwhile, Powell said on his second day of congressional testimony he was not ready to conclude that inflation is moving sustainably down to 2 per cent though he had “some confidence of that”.
HostelWorld dipped 5 per cent to €1.90, as investors saw little to get excited about in a trading update from the hostel booking company. Still, the stock remains up 44 per cent over the past 12 months. Precious metal miners advanced 3.2 per cent as gold prices steadied ahead of a crucial US inflation report later this week.
Supporting equities, yield on government bonds across the euro zone fell in a sign of investors unwinding the political risk premium they had attached to the countries before the France’s parliamentary runoff vote.