European stocks edge higher, eyes on Fed; Dax up 0.26%
Published Jan 14, 2013 03:51AM ET
During European morning trade, the EURO STOXX 50 rose 0.28%, France’s CAC 40 advanced 0.34%, while Germany’s DAX 30 added 0.26%.
Investors eyed a speech by Ben Bernanke on monetary policy and the recovery from the global financial crisis later Monday, amid speculation that the Fed chairman would quash speculation over an earlier-than-expected end to the central bank’s quantitative easing program.
Over the weekend, the Greek government approved a series of tax hikes to increase government income, one of the main conditions to qualify for the additional EUR14.7 billion expected from its international lenders by the end of March.
Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale rose 0.17% and 2.52%, while Germany's Deutsche Bank and Commerzbank added 0.16% and 0.67% respectively.
Peripheral lenders added to gains, with Italian banks Unicredit and Intesa Sanpaolo climbing 0.60% and 1.03%, while Spain's BBVA and Banco Santander advanced 0.39% and 0.76%.
Elsewhere, Swatch Group surged 2.63% after saying it is buying the Harry Winston watch and jewelry brand for about USD1 billion.
On the downside, TNT Express dove 42.39% after United Parcel Service Inc. said it expects antitrust regulators to block its takeover of TNT.
In London, commodity-heavy FTSE 100 inched up 0.03%, despite losses in oil and mining companies.
Oil and gas major Anglo American fell 0.29% and BP dropped 0.47%, while copper producers Xstrata and Kazakhmys declined 0.28% and 0.80%.
Financial stocks were mixed, as shares in the Royal Bank of Scotland and Lloyds Banking jumped 1.25% and 1.68%, while Barclays and HSBC Holdings inched down 0.07% and 0.08% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.10% rise, S&P 500 futures signaled a 0.16% increase, while the Nasdaq 100 futures indicated a 0.06% gain.
Later in the day, the euro zone was to release official data on industrial production.
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Written By: Investing.com
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