Investing.com - European stocks were higher on Wednesday, amid ongoing increases in euro zone bond yields and after an upbeat report on French economic growth, while investors awaited the release of euro zone first quarter growth data later in the day.
During European morning trade, the EURO STOXX 50 rose 0.32%, France’s CAC 40 climbed 0.55%, while Germany’s DAX 30 added 0.22%.
European equities strengthened following a fresh selloff in global bond markets on Tuesday. German 10-year bund yields surged, narrowing the gap with their U.S. counterparts.
Sentiment was also boosted after data showed that the French economy grew 0.6% in the first quarter, the fastest rate of growth in two years.
Financial stocks were broadly higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) rose 0.27% and 0.20%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) advanced 0.93% and 2.22%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) climbed 0.84%, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) gained 0.33% and 0.43% respectively.
Elsewhere, Vivendi (PARIS:VIV) SA surged 2.24% after the French media conglomerate said that first-quarter earnings beat analysts' projections.
Moncler SpA (MILAN:MONC) was also on the upside, as shares soared 8.39% after the Italian maker of luxury outwear reported sales and profit that exceeded estimates.
In London, FTSE 100 rose 0.21%, led by Mondi (LONDON:MNDI), whose shares jumped 7.78% after the largest producer of kraft paper and industrial bags in Europe said that first-quarter earnings climbed 29%.
Adding to gains, SABMiller (LONDON:SAB) Plc rallied 1.66% after the world's second-biggest brewer reported annual pretax profit that topped analysts' projections.
In the financial sector, stocks were mostly higher. Shares in the Royal Bank of Scotland (LONDON:RBS) gained 0.48% and Lloyds Banking (LONDON:LLOY) climbed 0.54%, while Barclays (LONDON:BARC) advanced 0.76%. HSBC Holdings (LONDON:HSBA) underperformed, with shares down 1.07%.
Mining stocks were also on the upside, as Glencore Xstrata (LONDON:GLEN) eased up 0.06% and Rio Tinto (LONDON:RIO) added 0.14%, while Bhp Billiton (LONDON:BLT) and Fresnillo (LONDON:FRES) gained 0.44% and 0.70% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.21% gain, S&P 500 futures signaled a 0.19% rise, while the Nasdaq 100 futures indicated a 0.22% increase.
Later in the day, the U.S. was to publish data on retail sales.