European stocks continue to recover ahead of US inflation data

European stocks rose on Wednesday, extending gains for the second straight day thanks to continued recovery from a 3-week low amid positive sentiment as the US stock market rebounded ahead of key inflation data.

The Stoxx Europe 600 index rose over 0.5% as of 11:17 GMT, after closing higher by 0.8% yesterday, and rebounded from a 3-week low at 477.90 points.

The mining sector saw the largest gains in Europe today, with a rise of over 2.5%, after most metals and commodities prices recovered.

S&P 500 futures rose more than 0.3% today ahead of Wall Street's opening, after the index closed higher by 0.9% yesterday, within recovery from a 3-week low.

These gains came as the US Treasury yields fell following Federal Reserve Chairman Jerome Powell's remarks before the US Congress.

Jerome Powell did not announce a faster-than-expected change in monetary policy in the US, but hinted interest rate hikes, reducing asset purchases and cutting the Fed's balance sheet.

Back to Europe, the Euro Stoxx 50 index rose 0.6%, France's CAC 40 rose 0.5%, Germany's DAX rose 0.4%, and the UK's FTSE 100 rose 0.8%.