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By Shreyashi Sanyal and Bansari Mayur Kamdar
Feb 23 (Reuters) – European stocks rose on Thursday after two straight sessions of declines, buoyed by financials and bright prospects for regional companies, as U.S. semiconductor maker Nvidia’s sales forecast sparked a rally chip values.
* The pan-European STOXX 600 index rose 0.1%. Banks advanced 0.9%, while insurers added 0.3%.
* AXA shares gained 3.2% after the French insurer raised its guidance for 2023 and announced a share buyback program despite reporting annual earnings below expectations.
* The fact that euro zone inflation in January was slightly above the previous estimate also boosted confidence, confirming that price growth is already well past its peak.
* The interest-rate-sensitive technology sector rose 0.4%, supported by a rebound in semiconductors. Chipmakers ASM International, BE Semiconductor and Aixtron gained between 0.4% and 1.2%.
* U.S. counterpart Nvidia Corp on Wednesday forecast first-quarter revenue above Wall Street estimates, pointing to strong momentum in the use of its chips in artificial intelligence (AI) services such as chatbots.
* Auto stocks rose 1% and automaker Stellantis rose 3.6%.
* Minutes of the U.S. Federal Reserve’s latest policy meeting, released on Wednesday, showed nearly all policymakers backed the decision to continue to slow the pace of interest rate hikes, saying inflation would determine how much further rates should rise.
* Data showed that economic activity in France and Germany was in growth territory, while the rebound in business activity in the United States also supported the idea that interest rates in the two economies will stay higher for longer.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing in Spanish by Ricardo Figueroa)