European shares rise as RWE and SSE auction wins boost utilities

European shares recovered their balance on Wednesday after a modest dip a day earlier, after a strong rise in the prices of energy companies RWE and SSE pushed the utility index higher.The companies were among property developers to win guaranteed electricity price contracts in Britain’s latest offshore wind auction, which secured a record amount of capacity, the government said on Wednesday.

The duo was the biggest gainer in the utility index, which rose 1% and is set to snap a two-day losing streak.

The markets are primed for an eventful session as investors await a possible US stock exchange. Supreme Court ruling on the legality of President Donald Trump’s tariffs.

Executives at Bank of America and Citigroup are also expected to weigh in on Trump’s plan to cap credit card interest rates for one year. On Tuesday, JPMorgan Chase’s chief executive said such a move would hurt consumers.

The pan-European STOXX 600 rose 0.3% at 0812 GMT, recovering after a 0.1% dip the day before. The German DAX index was ‍marginally higher ⁠and is on track for the 12th day in a row of gains, the first since 2014.

Shares of Gucci owner Kering fell 0.2%, while the world’s largest luxury conglomerate LVMH rose 0.6%.

The stocks are expected to be in the spotlight during the session as the companies were listed as unsecured creditors of luxury department store conglomerate Saks Global, which filed for bankruptcy late Tuesday.