Investing.com - European stocks turned broadly higher on Thursday, although investors were cautious ahead of the European Central Bank's policy statement later in the day, amid growing expectations for a rate cut in the near future.
During European afternoon trade, the EURO STOXX 50 inched up 0.01%, France’s CAC 40 added 0.11%, while Germany’s DAX 30 gained 0.41%.
Markets were jittery amid speculation the ECB might cut rates in order to safeguard the economic recovery in the region.
While no policy change was expected from the ECB at its rate setting meeting on Thursday many investors expected the bank to signal the possibility of further monetary policy easing at its meeting in December after weak euro zone inflation data last week.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later Thursday, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.
Financial stocks turned mostly higher, as French lenders BNP Paribas and Societe Generale gained 0.37% and 3.13%, while Germany's Deutsche Bank edged up 0.07%
Among peripheral lenders, Spanish banks Banco Santander and BBVA rose 0.32% and 0.88% respectively. Italy's Unicredit and Intesa Sanpaolo underperformed however, down 0.08% and 0.50%.
Elsewhere, Siemens rallied 3.87% after the engineering company said it will buy back as much as EUR4 billion of shares.
Adding to gains, ArcelorMittal surged 5.29% after steelmaker said earnings rose to USD1.71 billion in the third quarter, beating market expectations.
In London, FTSE 100 rose 0.12%, after the Bank of England kept its benchmark interest rate unchanged in November and announced no change to its asset purchase facility program.
Schroders, down 3.01%, continued to lead losses even as the global asset manager said assets under management increased 26.6% in the third quarter.
Among U.K. lenders, shares were mostly lower as the Royal Bank of Scotland declined 0.64% and Lloyds Banking retreated 0.74%, while HSBC Holdings dipped 0.01%. Barclays remained on the upside however, adding 0.26%.
Meanwhile, mining stocks remained mixed with shares in Glencore Xstrata tumbling 1.38% and Vedanta Resources losing 1.70%, while Fresnillo jumped 2.63% and gold miner Randgold Resources remained the top gainer on the index with shares soaring 8.40%.
In the U.S., equity markets pointed to a moderately lower open. The Dow Jones Industrial Average futures pointed to a 0.06% loss, S&P 500 futures signaled a 0.12% fall, while the Nasdaq 100 futures indicated a 0.14% decline.
During European afternoon trade, the EURO STOXX 50 inched up 0.01%, France’s CAC 40 added 0.11%, while Germany’s DAX 30 gained 0.41%.
Markets were jittery amid speculation the ECB might cut rates in order to safeguard the economic recovery in the region.
While no policy change was expected from the ECB at its rate setting meeting on Thursday many investors expected the bank to signal the possibility of further monetary policy easing at its meeting in December after weak euro zone inflation data last week.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later Thursday, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.
Financial stocks turned mostly higher, as French lenders BNP Paribas and Societe Generale gained 0.37% and 3.13%, while Germany's Deutsche Bank edged up 0.07%
Among peripheral lenders, Spanish banks Banco Santander and BBVA rose 0.32% and 0.88% respectively. Italy's Unicredit and Intesa Sanpaolo underperformed however, down 0.08% and 0.50%.
Elsewhere, Siemens rallied 3.87% after the engineering company said it will buy back as much as EUR4 billion of shares.
Adding to gains, ArcelorMittal surged 5.29% after steelmaker said earnings rose to USD1.71 billion in the third quarter, beating market expectations.
In London, FTSE 100 rose 0.12%, after the Bank of England kept its benchmark interest rate unchanged in November and announced no change to its asset purchase facility program.
Schroders, down 3.01%, continued to lead losses even as the global asset manager said assets under management increased 26.6% in the third quarter.
Among U.K. lenders, shares were mostly lower as the Royal Bank of Scotland declined 0.64% and Lloyds Banking retreated 0.74%, while HSBC Holdings dipped 0.01%. Barclays remained on the upside however, adding 0.26%.
Meanwhile, mining stocks remained mixed with shares in Glencore Xstrata tumbling 1.38% and Vedanta Resources losing 1.70%, while Fresnillo jumped 2.63% and gold miner Randgold Resources remained the top gainer on the index with shares soaring 8.40%.
In the U.S., equity markets pointed to a moderately lower open. The Dow Jones Industrial Average futures pointed to a 0.06% loss, S&P 500 futures signaled a 0.12% fall, while the Nasdaq 100 futures indicated a 0.14% decline.