Investing.com - European stocks were higher on Wednesday, as comments by Federal Reserve Chairwoman Janet Yellen supported equity markets and after upbeat Chinese trade data eased fears over a slowdown in the world’s second-largest economy.
During European morning trade, the EURO STOXX 50 rose 0.35%, France’s CAC 40 added 0.26%, while Germany’s DAX 30 climbed 0.43%.
In her first Congressional testimony since her appointment as Fed Chair, Ms. Yellen told the House Financial Services Committee that the central bank would continue to gradually reduce the pace of its asset purchase program.
She also reiterated that Fed plans to hold interest rates at zero “well past” the time the jobless rate falls below 6.5%.
Meanwhile, data showed that Chinese exports jumped 10.6% in January from a year earlier, outstripping expectations for 2% gain, while imports jumped 10% and the trade surplus widened.
Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale gained 0.66% and 3.17%, while Germany's Deutsche Bank edged up 0.07%.
Earlier in the day, Societe Generale reported fourth-quarter profit almost double analysts’ estimates, boosted by higher earnings at its French and Russian consumer-banking units.
Among peripheral lenders, Italy's Unicredit and Intesa Sanpaolo rose 0.14% and 0.44% respectively. Spanish banks BBVA and Banco Santander underperformed however, down 0.25% and 0.34%.
Elsewhere, Heineken surged 3.32% as the world’s third-biggest brewer said it expects sales to climb this year after reporting a decline in 2013 profit amid weak consumption in central and eastern Europe.
Adding to gains, Total rallied 1.08% after the oil producer reported a 19% decline in fourth-quarter profit and raised its dividend.
In London, commodity-heavy FTSE 100 edged up 0.10%, supported by gains in mining stocks.
Shares in BHP Billiton climbed 0.43% and Glencore Xstrata advanced 0.89%, while rival Vedanta Resources jumped 1.06%.
Financial stocks were also mostly higher, as Lloyds Banking edged up 0.08% and HSBC Holdings gained 0.48%, while the Royal Bank of Scotland rose 0.74%. Barclays underperformed on the other hand, tumbling 1.44%.
Meanwhile, Morrison Supermarkets led gains, with shares surging 3.25%, following reports the founding family of the U.K. grocer has contacted private-equity funds such as CVC Capital Partners and Carlyle Group to weigh their interest in taking the retailer private.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.15% rise, S&P 500 futures signaled a 0.15% gain, while the Nasdaq 100 futures indicated a 0.19% increase.
Later in the day, the euro zone was to release data on industrial production.