European Equities Rise On Stimulus Hopes, Fed's Minutes In Focus
European stocks posted gains in the opening minutes of Wednesday's trading session boosted by the rally in Asian markets after data raised expectations of continued central bank stimulus by the world's leading economies, while investors look ahead to the minutes of the latest Fed's meeting due later in the day.
- STOXX Europe 600 rose 0.27 percent or 0.79 points to 288.86
- STOXX 50 gained 0.47 percent or 12.13 points to 2,607.26
Data released Wednesday showed that China`s trade balance sustained an unexpected deficit in March as the country`s imports surged outpacing exports, adding to signs that Chinese economy may need further stimulus during the upcoming period especially amid the current global economic instability.
- German DAX went up 0.41% to 7,669.02
- British FTSE 100 rose 0.22% to 6,327.13
- France`s CAC 40 inched up 0.44% to 3,686.95
Closer home, Slovenia affirmed it will not need bailout despite comments by The Organization for Economic Cooperation and Development (OECD) that Slovenia faces a "severe" banking crisis and a deep recession, as government`s attempts to reform its banking sector and reduce the country`s debt weighed on growth.
Slovenian Prime Minister said on Tuesday that he will "do everything" to avoid a European bailout. While borrowing costs rose following a weak bond auction on Tuesday.
As of 11:06 (GMT+3) the euro traded at $1.3108 after opening at $1.3079. The EUR/USD pair set an intraday high of $1.3115 and low of $1.3073.
Traders are in suspense for the Federal Open Market Committee (FOMC) minutes later Wednesday for their March 19-20 meeting, when policy makers left the pace of bond purchases unchanged.