European shares rise as U.S. data soothes economic slowdown fears

(Reuters) – European shares climbed on Wednesday after robust U.S. data soothed concerns about a steep economic slowdown, while investors awaited commentary from central bankers at a forum later in the day for further policy direction.

The pan-European index was up 0.5% by 0810 GMT, tracking Wall Street’s gains overnight after data showed a rise in new orders for key U.S.-manufactured capital goods and heightened consumer confidence in June.

Industrial stocks were a big boost to the STOXX 600, while the healthcare sector was also up as Roche Holding (SIX:) gained 1.6% after the U.S. health regulator declined to approve Regeneron’s (NASDAQ:) Eylea drug.

Investors are keenly watching a panel discussion of central bankers in Sintra, including European Central Bank President Christine Lagarde, Federal Reserve Chair Jerome Powell, and Bank of Japan Governor Kazuo Ueda.

French supermarket chain Carrefour (EPA:) gained 3.1% after Morgan Stanley initiated coverage with an “overweight” rating.