Europe open: Shares jump amid earnings dump, Fed decision

(Sharecast News) - European shares opened higher amid another earnings dump as traders assessed the US Federal Reserve's decision to keep rates on hold as inflationary fears loomed. The pan-regional Stoxx 600 was up 0.42% at 552 in early deals with all major bourses higher.

The US central bank kept the target range for the federal funds rate unchanged on Wednesday at between 4.25% and 4.50%, as widely expected.

Pharma company ArgenX led the risers, with shares up almost 11% after results beat expectations. Rentokil and UK aerospace company Rolls-Royce also posted similar gains.

On the downside, French hotel group Accor slumped despite better-than-expected results. Paper and packaging giant Mondi also fell after warning of a tough second half ahead and weaker interim earnings.

Reporting by Frank Prenesti for Sharecast.com