April 29 (Reuters) – European shares ticked higher on Wednesday, after three straight sessions of declines, as investors turned their focus to a busy run of corporate earnings, while U.S.-Iran talks remained at an impasse.
The pan-European STOXX 600 rose 0.2% to 607.54 points as of 0704 GMT. European equities remain almost 5% below pre-war levels, lagging U.S. peers and global markets, which have rebounded, partly driven by gains in AI and tech stocks.
U.S. President Donald Trump said he was unhappy with Tehran’s latest proposal to end the war, with the Wall Street Journal reporting that the president had instructed aides to prepare for an extended blockade of Iran’s ports.
On the earnings front, Adidas advanced 8.2% after the German sportwear maker reported better-than-expected first-quarter operating profit.
UBS gained 5% after the Swiss bank posted first-quarter net profit above expectations despite market turbulence due to the Middle East war.
Deutsche Bank reported its largest-ever profit under CEO Christian Sewing and upgraded its 2026 investment bank revenue outlook. However, its shares fell 2.8%.
Pernod Ricard eased marginally after the French spirits company ended merger talks with Jack Daniel’s owner Brown-Forman.
(Reporting by Twesha Dikshit; Editing by Sumana Nandy)
