Investing.com - European stocks remained higher on Wednesday, after the release of upbeat German consumer climate data, while markets eyed a string of U.S. economic reports due later in the day.
During European afternoon trade, the EURO STOXX 50 gained 0.37%, France’s CAC 40 rose 0.31%, while Germany’s DAX 30 advanced 0.31%.
Sentiment found support after the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November.
Investors were eyeing preliminary euro zone inflation data, due out on Friday, amid expectations that the annual rate of inflation would rise to 0.8% in November, from October’s four year low of 0.7%.
Concerns over mounting deflationary pressures in the euro area prompted the European Central Bank to cut interest rates to a record low 0.25% at its November meeting.
Financial stocks remained broadly higher, as French lenders BNP Paribas and Societe Generale rose 0.26% and 0.41%, while Germany's Deutsche Bank gained 0.42%.
Among peripheral lenders, Spanish banks BBVA and Banco Santander climbed 0.66% and 0.69% respectively, while Italy's Unicredit and Intesa Sanpaolo advanced 0.43% and 0.52%.
Elsewhere, Orange shares rose 0.31% after the Paris-based phone company agreed to sell its Dominican Republic unit to Altice, a cable and telecommunications investor, for USD1.4 billion.
On the downside, hotel operator Accor plummeted 3.78% after saying it will separate the operation and ownership of hotels into two businesses.
In London, FTSE 100 edged up 0.14%, after revised data showed that the U.K. economy grew by 0.8% in the third quarter, in line with preliminary estimates.
Shares in the Royal Bank of Scotland rose 0.32% and Barclays climbed 0.51%, while Lloyds Banking jumped 0.95%. HSBC Holdings turned lower however, edging down 0.09%.
Mining stocks remained on the upside, as Glencore Xstrata rallied 0.97% and Randgold Resources rallied 1.07%, while Polymetal and Vedanta Resources surged 2.76% and 2.80% respectively.
Tesco remained the worst performer on the index for the second consecutive session, down 2.67%, following reports on Tuesday saying the supermarket giant suffered a 6% drop in sales in the 12 weeks to November 10, leading to a 1.5% decline in its share of the Irish grocery market.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a 0.13% rise, S&P 500 futures signaled a 0.12% gain, while the Nasdaq 100 futures indicated a 0.16% increase.
Also Wednesday, German Chancellor Angela Merkel’s Conservative party reached a deal to form a coalition government with the Social Democrats, following weeks of negotiations.
Later in the day, the U.S. was to release reports on durable goods orders and manufacturing activity in the Chicago area, as well as the weekly report on initial jobless claims. The Labor Department report was being released one day early due to the U.S. holiday.
During European afternoon trade, the EURO STOXX 50 gained 0.37%, France’s CAC 40 rose 0.31%, while Germany’s DAX 30 advanced 0.31%.
Sentiment found support after the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November.
Investors were eyeing preliminary euro zone inflation data, due out on Friday, amid expectations that the annual rate of inflation would rise to 0.8% in November, from October’s four year low of 0.7%.
Concerns over mounting deflationary pressures in the euro area prompted the European Central Bank to cut interest rates to a record low 0.25% at its November meeting.
Financial stocks remained broadly higher, as French lenders BNP Paribas and Societe Generale rose 0.26% and 0.41%, while Germany's Deutsche Bank gained 0.42%.
Among peripheral lenders, Spanish banks BBVA and Banco Santander climbed 0.66% and 0.69% respectively, while Italy's Unicredit and Intesa Sanpaolo advanced 0.43% and 0.52%.
Elsewhere, Orange shares rose 0.31% after the Paris-based phone company agreed to sell its Dominican Republic unit to Altice, a cable and telecommunications investor, for USD1.4 billion.
On the downside, hotel operator Accor plummeted 3.78% after saying it will separate the operation and ownership of hotels into two businesses.
In London, FTSE 100 edged up 0.14%, after revised data showed that the U.K. economy grew by 0.8% in the third quarter, in line with preliminary estimates.
Shares in the Royal Bank of Scotland rose 0.32% and Barclays climbed 0.51%, while Lloyds Banking jumped 0.95%. HSBC Holdings turned lower however, edging down 0.09%.
Mining stocks remained on the upside, as Glencore Xstrata rallied 0.97% and Randgold Resources rallied 1.07%, while Polymetal and Vedanta Resources surged 2.76% and 2.80% respectively.
Tesco remained the worst performer on the index for the second consecutive session, down 2.67%, following reports on Tuesday saying the supermarket giant suffered a 6% drop in sales in the 12 weeks to November 10, leading to a 1.5% decline in its share of the Irish grocery market.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a 0.13% rise, S&P 500 futures signaled a 0.12% gain, while the Nasdaq 100 futures indicated a 0.16% increase.
Also Wednesday, German Chancellor Angela Merkel’s Conservative party reached a deal to form a coalition government with the Social Democrats, following weeks of negotiations.
Later in the day, the U.S. was to release reports on durable goods orders and manufacturing activity in the Chicago area, as well as the weekly report on initial jobless claims. The Labor Department report was being released one day early due to the U.S. holiday.