Investing.com - European stocks opened higher on Tuesday, after Federal Reserve Chair Janet Yellen gave no indications on the timing of future interest rate hikes and as higher oil prices continued to support.
During European morning trade, the EURO STOXX 50 jumped 1.19%, France’s CAC 40 advanced 1.05%, while Germany’s DAX 30 rallied 1.51%.
Speaking at an event in Philadelphia on Monday, Yellen said she was optimistic about the overall U.S. economic outlook and warning markets against overreacting to the disappointing U.S. nonfarm payrolls report released on Friday.
The Fed Chair also said the central bank plans to raise interest rates, but gave no time frame for those hikes.
Meanwhile, oil prices remained higher after rallying on Monday, helped by supply disruptions in Nigeria.
Energy stocks were broadly higher, as French oil and gas major Total SA (PA:TOTF) rallied 1.44% and Italy’s ENI (MI:ENI) advanced 1.23%, while Norwegian rival Statoil (OL:STL) climbed 0.89%.
Financial stocks added to gains, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) jumped 1.49% and 1.63%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) surged 1.39% and 255%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) soared 1.06% and 2.63% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.94% and 1.71%.
Elsewhere, Merck (NYSE:MRK) shares jumped 1.44% even after a U.S. judge on Monday found a pattern of misconduct by the drugmaker, including lying under oath and other unethical practices.
The decision freed Gilead Sciences Inc (NASDAQ:GILD) from paying any damages for infringing the German company’s patents with its lucrative treatments for hepatitis C, Sovaldi and Harvoni.
In London, commodity-heavy FTSE 100 gained 0.71%, boosted by gains in the mining sector.
Shares in Glencore (LON:GLEN) rallied 2.10% and Anglo American (LON:AAL) advanced 2.32%, while BHP Billiton (LON:BLT) and Rio Tinto (LON:RIO) surged 2.56% and 2.70% respectively.
Energy stocks added to gains, as BP (LON:BP) advanced 1.15% and rival Royal Dutch Shell (LON:RDSa) soared 2.85%.
Financial stocks werw also on the upside, with shares in HSBC Holdings (LON:HSBA) up 0.81% and the Royal Bank of Scotand rallying 1.12%, while Barclays (LON:BARC) and Lloyds Banking (LON:LLOY) jumped 1.30% and 1.38% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.33% rise, S&P 500 futures a 0.31% gain, while the Nasdaq 100 futures indicated a 0.36% increase.