European shares rise on strong earnings, pharma boost

Nov 8 - European shares rose on Wednesday, supported by gains in healthcare stocks and strong earnings reports, while investors assessed a slew of economic data and comments from central bankers for cues on European Central Bank's rate hike path.Data showed euro zone retail sales fell roughly in line with expectations in September, while another survey showed euro zone consumers have raised their inflation expectations over the next 12 months to 4%.

The ECB needs to see further progress in dampening inflationary pressures, and companies along with governments need to chip in to prevent more policy tightening, said the central bank policymakers. Continental said it expects a strong fourth quarter for its automotive business and higher growth in the global auto market this year than previously forecast, lifting shares of the auto parts manufacturer 4.1% higher.British retailer Marks & Spencer soared 8.4% on a much better-than-expected 75% rise in first-half profit.

Of the STOXX 600 companies that have reported third-quarter results, 55.3% topped earnings expectations, slightly above the typical rate of 54%, LSEG data showed on Tuesday.

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