European stocks push higher after German data; Dax up 0.65%

Investing.com - European stocks remained higher in subdued trade on Wednesday, lifted by positive German industrial production data and amid growing expectations for an additional rate cut by the European Central Bank.

During European afternoon trade, the EURO STOXX 50 advanced 0.43% higher, France’s CAC 40 gained 0.74%, while Germany’s DAX 30 climbed 0.65%.

Official data showed that German industrial output jumped 1.2% in March, the largest increase in 12 months and confounding expectations for a 0.1% decline.

Industrial production was 2.5% lower compared to a year earlier in March, better than expectations for a 3.8% decline.

Meanwhile, investors continued to eye the ECB's next move amid growing expectations for another rate cut after the central bank's president Mario Draghi said Monday the ECB would monitor all euro zone economic data in the coming weeks and was ready to act if needed.

Financial stocks turned mostly lower, as French lender BNP Paribas slid 0.33%, while Germany's Deutsche Bank and Commerzbank retreated 0.75% and 4.60%. Societe Generale overperformed on the other hand, surging 2.59% after announcing better-than-expected first-quarter earnings.

Amid peripheral lenders, Italian banks Intesa Sanpaolo and Unicredit rose 0.07% and 1.16% respectively, while Spain's Banco Santander gained 0.71% and BBVA eased 0.01%.

Elsewhere, E.ON climbed 0.46% after posting posted first-quarter profit that exceeded analysts’ estimates and reiterating its 2013 earnings targets.

Adding to gains, Delhaize Group surged 3.43% after saying its chief executive officer will step down by the end of this year.

In London, commodiy-heavy FTSE 100 added 0.21%, supported by gains in mining stocks, while data showed that house prices in the U.K. rose more-than-expected last month.

Mining giants Rio Tinto and BHP Billiton saw shares jump 0.90% and 1.34%, while Anglo American rallied 2.25%.

Meanwhile, financial stocks turned mostly higher. Barclays gained 0.48% and HSBC Holdings advanced 0.57%, while Lloyds Banking climbed 0.62%. The Royal Bank of Scotland trended lower however, retreating 0.64%.

In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a 0.10% rise, S&P 500 futures signaled a 0.07% gain, while the Nasdaq 100 futures indicated a 0.13% increase.

Also Wednesday, official data showed that Chinese imports and exports rose more than expected in April, indicating that the outlook for economic growth remains good.

China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion.