European shares climb as upbeat Nike results lift Adidas, Puma

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By Amruta Khandekar

(Reuters) -European shares rose on Wednesday as sportswear makers Adidas (OTC:ADDYY) and Puma gained after upbeat results from Nike (NYSE:NKE), while improving economic outlook for the euro zone also lifted sentiment.

The region-wide STOXX 600 index was up 0.8% at 0922 a.m. GMT.

Germany's DAX index rose 0.7% after the Ifo economic institute said the outlook for employment in Germany, Europe's largest economy, was positive for the first quarter of next year.

The Ifo survey follows an uptick in a euro zone consumer confidence in December, according to figures released on Tuesday.

"The market was pricing a very bad recession with potentially rolling blackouts and stop of industrial plans due to insufficient supply of energy and now the market is pricing out a bit of that," said Davide Oneglia, Chief Europe Economist at TS Lombard.

"The winter is just really beginning so we don't know what is going to happen, but at the moment certainly markets are feeling more positive about the outlook and so that's good for stocks."

Globally, equities edged higher in what has been a bleak month so far - dominated by hawkish rhetoric by major central banks and worries about rising COVID-19 cases in China.

The STOXX 600 has shed 2.8% so far in December after two straight months of gains that were underpinned by hopes that cooling inflation would allow the Federal Reserve and other central banks to go slow on interest rate hikes.

Consumer discretionary firms such as Adidas and Puma provided a big boost to the STOXX 600 on Wednesday after U.S. peer Nike beat quarterly revenue and profit expectations.

Shares of Adidas and Puma rose 8.5% and 9.3%, respectively, while London-listed JD (NASDAQ:JD) Sports jumped 6.9%, boosting the retail sector. The three firms were among the top gainers on the STOXX 600.

Industrials also added to the gains, rising 0.8%, while banks rose for the fourth straight session.

The healthcare sector rose 0.6%, lifted by a 3.3% jump in Philips after the Dutch health technology company said independent tests on its respiratory devices involved in a major global recall had shown positive results.