European stocks rose on Wednesday, tracking improved sentiment in Asian markets following plans to dismantle Chinese tech giant Alibaba, while Swiss bank UBS rose after it reappointed Sergio Ermotti as CEO.
The Stoxx 600 index of European shares rose 0.6% by 0705 GMT, in line with gains in Asian stocks.
UBS shares rose 2.2% after the Swiss bank announced the appointment of Ermotti to lead the takeover of Credit Suisse. Credit Suisse rose 2.1%, while the financial services and banking indices rose about 1% each, according to Reuters.
German “Infineon” jumped 5.1% after the chipmaker raised its forecasts for the second quarter of the fiscal year and for the whole of 2023. The technology sector index increased by 1.7%, leading the gains of the sub-sector indices.
Shares of “Mercedes-Benz” fell 1.8% after news that the Kuwaiti sovereign wealth fund intends to reduce its stake in the German luxury automaker by selling 20 million shares.
