July 27 Reuters European shares scaled near sevenweek highs on Wednesday following strong results from Britain39;s Reckitt Benckiser and Russiaexposed lender UniCredit, while investors awaited a U.S. Federal reserve policy decision later in the day.

The STOXX 600 index rose 0.4, with sentiment also getting a lift after upbeat results from U.S. megacaps Microsoft Corp and Google parent Alphabet Inc overnight.

But investors were cautious amid Europe39;s energy supply worries, with focus also on the U.S. Federal Reserve for clues on the path of future rate hikes.

The Fed is expected to hike its key interest rate by 75 basis points, with its decision due at 1800 GMT. 

Italy39;s MIB index jumped 0.6, as shares of UniCredit rose 6.0 after the lender raised its 2022 outlook.

Reckitt Benckiser rose 5.0 as it raised its fullyear revenue forecast, while shares of French payment company Worldline jumped 13.8 to top the STOXX 600 as firsthalf results beat estimates.

We had the backdrop of results from Microsoft and Alphabet, which have kind of soothed investors to a degree. It39;s one of those moments where investors are looking at these results in Europe and thinking … business has been resilient, said Danni Hewson, financial analyst at AJ Bell.

In terms of sectors where the damage is being done, I think most investors are sort of pricing that in now.

Germany39;s DAX gave up session gains as Deutsche Bank and sportswear maker Adidas weighed after cautious outlook from…