(Reuters) – European shares rose due to positive German data lifting sentiment. Meanwhile, investors waited anxiously for news from the central bank regarding tightening monetary policies amid increasing economic worries.

Pan-European Index rose 0.8% to 0714 GMT. This was buoyed in part by sectoral gains. In the preceding session, the index lost 1.1% of its gains and plummeted almost to zero.

Global stocks recovered from a selloff with Asian shares increasing 0.4%, and U.S. futures strengthening.

Europe saw gains led by utility companies. The stock of the power company SSE Plc (LON 🙂 climbed 4.4% following a 23% rise in annual profits.

A survey conducted Wednesday found that German consumer sentiment will rise after a dip in May’s record-breaking PMI.

However, it warned about inflation impacting household spending.

A separate report from Germany indicated that Europe’s largest economy increased in the first quarter in line to expectations.

Following a negative tone by Christine Lagarde (CEB chief) earlier this week investors will be paying attention to minutes of Wednesday’s U.S. Federal Reserve meeting in order to evaluate the thinking between policymakers.

The STOXX 600 saw the largest boost from banks, who benefit when interest rates rise. They reached a new one-month record.