European stocks higher, Fed statement in focus; Dax jumps 1.16%
Published Jun 17, 2013 03:41AM ET
During European morning trade, the EURO STOXX 50 gained 0.96%, France’s CAC 40 rallied 1.13%, while Germany’s DAX 30 jumped 1.16%.
Stocks were hit last week amid growing expectations that the Fed will to start taper off its bond purchasing program later this year.
Investors were looking ahead to the central bank’s rate statement on Wednesday amid uncertainty over the bank's next move.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale fell 0.07% and 0.28%, while Germany's Deutsche Bank declined 0.27%.
Peripheral lenders added to losses, with Spanish banks Banco Santander and BBVA dropping 0.76% and 0.89% respectively, while Italy's Unicredit and Intesa Sanpaolo retreated 0.92% and 0.45%.
On the upside, Telefonica surged 2.35% following reports Spain blocked AT&T's takeover bid for the company because Telefonica is "strategic" to Spain’s economy.
ABB rallied 1.83% after the company named Ulrich Spiesshofer as CEO.
In London, FTSE 100 advanced 0.61%.
Financial stocks were mostly lower, as Lloyds Banking slipped 0.23% and the Royal Bank of Scotland declined 0.43%, while Barclays plummeted 1.37%. HSBC Holdings overperformed on the other hand, climbing 0.63%.
Mining stocks were also on the downside, with BHP Billiton and Anglo American losing 0.27% and 0.30% respectively, while Evraz dropped 0.91%.
Elsewhere, Imagination Technologies Group plunged 1.62% as Barclays cut the U.K. designer of chip technology for phones and tablets to "equal weight" from "overweight".
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.73% increase, S&P 500 futures signaled a 0.79% rise, while the Nasdaq 100 futures indicated a 0.91% gain.
The euro zone was to release official data on the trade balance later in the day. Also Monday, the G8 group was to hold the first day of a two day summit in Northern Ireland.
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Written By: Investing.com
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