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March 6 European shares rose on Wednesday supported by strong corporate earnings, while investors were cautious ahead of key eurozone economic data and U.S. Federal Reserve Chair Jerome Powell39;s testimony before Congress.

The panEuropean STOXX 600 index was up 0.3 by 0923 GMT.

Basic resources shares gained 1.0 tracking gold prices, which climbed a record peak on Tuesday, buoyed by rising bets for U.S. interest rate cut by June. Sharing the ratecut optimism, real estate stocks jumped 1.4 to lead gains among sectors.

Now that we39;ve had a ratecut expectation reset and we are three months closer to the first interest rate cuts, interest rates sensitives are getting a new look, and a dramatic rally, said Ben Laidler, global markets strategist at eToro.

Investors look forward to eurozone January retail sales data due at 1000 GMT and Powell39;s testimony before Congress later in the day, which remains crucial for new insights into the rate cut trajectory.

Earlier in the day, data showed German exports rose more than expected at the start of 2024 on rising demand from European Union39;s countries and China.

In the build up to the European Central Bank39;s monetary policy decision, the recent resilience in economic data has already prepared…