Investors welcomed the dovish remarks of Federal Reserve Chair Jerome Powell, and looked forward to the second round in France and the UK national elections.

As of 0845 GMT the pan-European STOXX 600 Index was up 0.6%, marking a second consecutive session of gains.

Wall Street's benchmark S&P 500 closed Tuesday above the 5,500-mark after Powell told an audience that recent data showed "significant progress" in inflation. Powell also said that the Fed would need to gather more data before making any policy changes.

The technology stocks rose 1.6%. Dutch semiconductor equipment manufacturers ASMI and BE Semiconductor Industries jumped 2.7% and respectively 6.3%. "At some stage, the markets will correct to the downside." Ipek Ozkardeskaya is a market analyst for Swissquote. She said that when this happens in semiconductors, there should be other sectors to support it and limit S&P 500 losses.

The top sectoral gainers were miners with a 1.7% increase. Copper prices rose on a weaker dollar amid renewed hope of U.S. interest rate cuts, and supply concerns offset a dismal outlook from China, the world's largest consumer.

French stocks rose 1% after opponents of France's National Rally stepped up efforts to stop the party from coming to power. More candidates agreed to withdraw from this weekend's second round of voting to avoid splitting anti-RN votes.

Investors in France panic over the possibility that the National Rally, a far-right party, could win a majority. The market will benefit from this stress, as it is likely to lead to a vote to prevent such a majority.

Eurofins rose 3.1% in value after the French laboratory testing company responded to allegations made by short seller Muddy Waters.

The UK's FTSE 100 added 0.5% before the vote on July 4, which could bring an end to 14 years under Conservative rule.

JD Sports, a sports fashion retailer in London, dropped to the bottom of London's blue-chip index by 3% after Barclays reduced its weight to "underweight", from "equalweight", due to concerns over the company's heavy dependence on Nike.

Volkswagen's stock rose 1% following a denial by Rivian, a U.S. electric car maker, of rumors in the media about an extended partnership between it and the German automaker.

Maersk, the Danish shipping giant, rose by 3.5% following its agreement to sell Maersk Supply Service, its offshore marine services provider to Norway's DOF group for $1.11billion.

Bpost fell 6.7% following a disappointing earnings forecast from the Belgian post operator, which cited unfavourable market conditions for North America. (Reporting from Sruthi in Bengaluru, and Jesus Calero at Gdansk. Editing by Sohini Cheema and Sonia Cheema.)