Investing.com - European stock markets were higher on Wednesday, after a highly anticipated loan operation by the European Central Bank encountered more bidders than the previous operation in December.
During European afternoon trade, the EURO STOXX 50 climbed 0.57%, France’s CAC 40 rose 0.59%, while Germany’s DAX 30 advanced 0.57%.
The ECB said that it had allotted EUR529 billion in three-year loans to European lenders, after receiving bids from 800 banks, significantly more than in the bank’s first long term refinancing operation late last year.
In December, the EBC issued EUR489 billion in three-year loans to 523 banks, averting a liquidity shortage in the euro zone’s banking system and easing pressure on the region’s bond markets.
The high uptake on the operation sparked concerns that banks in the region expect liquidity pressures to continue.
Financial stocks remained broadly higher after the ECB refinancing operation. French lenders Societe Generale and BNP Paribas climbed 1.77% and 1.39%, while Germany’s Deutsche Bank and Commerzbank jumped 1.31% and 2.42%.
Meanwhile, cement supplier Holcim added 0.23% as full-year sales of CHF20.7 billion beat expectations for revenue of CHF20.4 billion.
On the downside, Bouygues tumbled 2.83% after the French building, television and telecommunications company, reported a 2011 profit that beat analyst forecasts and said revenue this year will fall by 1%, led by its mobile-phone business.
In London, FTSE 100 inched 0.02% higher, after data showed that consumer confidence in the U.K. remained unchanged in February, after rising to seven-month high last month.
U.K. lenders were mixed as shares in Barclays jumped 1.14% and Lloyds Banking rose 0.80%, while the Royal Bank of Scotland declined 0.39%.
Meanwhile, Standard Chartered climbed 2% after saying profit last year rose 12%, marking its eighth annual record earnings, on growth in corporate and consumer banking.
ITV also added to gains, with shares surging 7.27% as the U.K.’s biggest terrestrial commercial broadcaster reported 2011 profit that beat analysts’ estimates as the company made agreements to offer TV online, expanding services that don’t rely as heavily on advertising.
Elsewhere, mining giants Rio Tinto and Bhp Billiton retreated 0.56% and 0.21%, while copper producers Xstrata and Kazakhmys rose 0.43% and 0.52%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.15%, S&P 500 futures signaled a 0.18% increase, while the Nasdaq 100 futures indicated a 0.19% gain.
Also Wednesday, official data showed that the number of unemployed people in Germany held steady in February, while the country’s jobless rate unexpectedly ticked up to 6.8% from a record low of 6.7%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to testify on the semi-annual monetary policy report before the House Financial Services Committee in Washington.
During European afternoon trade, the EURO STOXX 50 climbed 0.57%, France’s CAC 40 rose 0.59%, while Germany’s DAX 30 advanced 0.57%.
The ECB said that it had allotted EUR529 billion in three-year loans to European lenders, after receiving bids from 800 banks, significantly more than in the bank’s first long term refinancing operation late last year.
In December, the EBC issued EUR489 billion in three-year loans to 523 banks, averting a liquidity shortage in the euro zone’s banking system and easing pressure on the region’s bond markets.
The high uptake on the operation sparked concerns that banks in the region expect liquidity pressures to continue.
Financial stocks remained broadly higher after the ECB refinancing operation. French lenders Societe Generale and BNP Paribas climbed 1.77% and 1.39%, while Germany’s Deutsche Bank and Commerzbank jumped 1.31% and 2.42%.
Meanwhile, cement supplier Holcim added 0.23% as full-year sales of CHF20.7 billion beat expectations for revenue of CHF20.4 billion.
On the downside, Bouygues tumbled 2.83% after the French building, television and telecommunications company, reported a 2011 profit that beat analyst forecasts and said revenue this year will fall by 1%, led by its mobile-phone business.
In London, FTSE 100 inched 0.02% higher, after data showed that consumer confidence in the U.K. remained unchanged in February, after rising to seven-month high last month.
U.K. lenders were mixed as shares in Barclays jumped 1.14% and Lloyds Banking rose 0.80%, while the Royal Bank of Scotland declined 0.39%.
Meanwhile, Standard Chartered climbed 2% after saying profit last year rose 12%, marking its eighth annual record earnings, on growth in corporate and consumer banking.
ITV also added to gains, with shares surging 7.27% as the U.K.’s biggest terrestrial commercial broadcaster reported 2011 profit that beat analysts’ estimates as the company made agreements to offer TV online, expanding services that don’t rely as heavily on advertising.
Elsewhere, mining giants Rio Tinto and Bhp Billiton retreated 0.56% and 0.21%, while copper producers Xstrata and Kazakhmys rose 0.43% and 0.52%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.15%, S&P 500 futures signaled a 0.18% increase, while the Nasdaq 100 futures indicated a 0.19% gain.
Also Wednesday, official data showed that the number of unemployed people in Germany held steady in February, while the country’s jobless rate unexpectedly ticked up to 6.8% from a record low of 6.7%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to testify on the semi-annual monetary policy report before the House Financial Services Committee in Washington.