Investing.com - European stocks were mostly higher on Wednesday, after the release of upbeat German and French service sector data and as hopes for progress on the Greek debt front supported.
During European morning trade, the EURO STOXX 50 advanced 0.40%, France’s CAC 40 rose 0.35%, while Germany’s DAX 30 climbed 0.59%.
Research group Markit said that Germany's services purchasing managers' index rose unexpectedly to 53.0 last month from 52.9 in April.
France's services PMI ticked up to 52.8 in May from a reading of 51.6 the previous month.
Meanwhile, the euro zone composite PMI rose to 53.6 in May from 53.4 in April, beating expectations for an unchanged reading.
Markets were also supported by hopes that Greece will soon reach an agreement with its international lenders on a cash-for-reforms deal.
Greece is due to make a €305 million payment to the International Monetary Fund on Friday but has warned that it will be unable to make the repayment if a deal is not reached by then.
Financial stocks were broadly higher, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) advanced 0.79% and 0.57%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) gained 0.11% and 1.40%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) rose 0.24%, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) added 0.02% and 0.30% respectively.
Elsewhere, Syngenta AG (SIX:SYNN) rallied 1.59% amid reports the U.S. company is working with Monsanto Co. to iron out regulatory concerns that could block the group's proposed takeover of its Swiss rival.
In London, FTSE 100 inched up 0.02%, helped by J Sainsbury (OTC:JSAIY), whose shares jumped 1.82% after Barclays (LONDON:BARC) reaffirmed the stock's "equal rate" rating.
Meanwhile, financial stocks were mixed. Shares in Barclays edged up 0.14% and the Royal Bank of Scotland (LONDON:RBS) gained 0.49%, while Lloyds Banking (LONDON:LLOY) and HSBC Holdings (LONDON:HSBA) lost 0.25% and 0.74% respectively.
In the mining sector, stocks were broadly lower as Rio Tinto (LONDON:RIO) fell 0.24% and Bhp Billiton (LONDON:BLT) declined 0.54%, while Fresnillo (LONDON:FRES) dropped 0.86%. Glencore Xstrata (LONDON:GLEN) overperformed however, with shares up 0.49%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.15% gain, S&P 500 futures signaled a 0.20% rise, while the Nasdaq 100 futures indicated a 0.21% increase.
Later in the day, the U.S. was to release reports on trade balance and service sector activity.