Eurozone Stocks Rise on Eased Oil Prices and Surging Business Activity

European stock prices rose on Wednesday as oil prices eased and business activity data showed unexpected growth in the eurozone. The pan-European STOXX 600 index was up 0.2% to 643.15 points by 0830 GMT, with most regional bourses higher.

The S&P Global PMI report indicated that business activity in the eurozone accelerated at its fastest rate in over three years this month, defying predictions of a slowdown. However, firms experienced a more significant increase in their operating costs.

Fiona Cincotta, a senior market researcher at StoneX, said 'these data points are generally encouraging.' She noted that after recent interest-rate hikes by the European Central Bank, investors will be watching to see if the economy's activity is still holding up.