European stocks close mostly higher on upbeat German export outlook

European stock markets closed mostly higher Wednesday as investors assessed encouraging German export data and falling oil prices while awaiting quarterly results from US chipmaker Nvidia.

The pan-European Stoxx Europe 600 index was mostly flat, edging up 0.02% to 656.64 points.

Germany’s DAX 40 gained 0.19% to finish at 26,315.91, while France’s CAC 40 rose 0.27% to 8,462.39.

Italy’s FTSE MIB climbed 0.31% to 52,882.99, and Spain’s IBEX 35 added 0.05% to close at 20,067.3.

Britain’s FTSE 100, however, slipped 0.07% to 10,878.12.

Investor caution prevailed ahead of Nvidia’s financial results, which are closely watched for signals about the strength and sustainability of global spending on artificial intelligence infrastructure.

Tech stocks came under pressure before the announcement, while lower crude oil prices weighed on European energy companies.

Brent crude fell more than 2% to around $86 per barrel amid diplomatic efforts aimed at easing tensions involving Iran and the US, and restoring normal shipping through the Strait of Hormuz.

On the data front, the Ifo Institute said German export expectations climbed to 9.6 points in August from minus 2.8 in July -- their highest since February 2022. The increase was also the sharpest since June 2020.

Ifo said exports to other EU countries were growing strongly, while demand from China remained weak.

Eurostat data showed that the EU imported €701.8 billion ($817.6 billion) worth of goods from non-EU countries in the second quarter, while exports totaled €680 billion.

Imports rose 9.9%, and exports climbed 5.4% from the previous quarter.

In Britain, energy regulator Ofgem said its household energy price cap would rise 4% to £1,723 ($2,340) annually from October, reflecting higher wholesale energy costs.