European markets higher as global chip stocks stabilize

LONDON — European stocks were higher Wednesday, reversing negative sentiment seen in the previous trading session.

Major European bourses were in green territory, with the pan-European Stoxx 600 last 0.56% higher at 9:09 a.m. London time.

Technology and basic resources stocks led gains and were last up 1.52% and 1.32%, respectively, while autos dipped 0.16%.

This follows rocky trade in the region and elsewhere globally, after a tech-driven selloff. Volatility in the sector appeared to stabilize after chipmaking giant Nvidia rallied Tuesday.

U.S. stock futures hovered near the flatline Tuesday evening after the S&P 500 rebounded from the rough start to the week, while Asia-Pacific markets were mixed overnight as Australia’s inflation rate climbed for a third straight month, while semiconductor and related stocks jumped.

Wall Street is likely to shift its attention toward fresh U.S. inflation data on Friday with the release of May’s personal consumption expenditures price index, the U.S. Federal Reserve’s preferred inflation gauge.

Data releases in Europe on Wednesday include Germany’s GFK consumer survey for July and European consumer confidence data for June. Earnings are set to come from Mulberry.