European stocks remain higher despite growth concerns; Dax up 0.51%
Published Apr 18, 2013 07:10AM ET
During European afternoon trade, the EURO STOXX 50 jumped 0.90%, France’s CAC 40 rallied 0.90%, while Germany’s DAX 30 climbed 0.51%.
ECB Governing Council member Jens Weidmann said Wednesday that the bank could cut interest rates if economic data indicated that it was warranted.
Meanwhile, investors remained cautious after the International Monetary Fund on Tuesday said continued monetary stimulus by the Federal Reserve and the Bank of Japan was expected to continue to support growth in the U.S. and Japan, while the euro zone still posed the greatest threat to a recovery in the global economy.
Financial stocks remained broadly higher, as shares in French lenders Societe Generale and BNP Paribas advanced 0.60% and 2.09%, while Germany's Deutsche Bank jumped 1.16%.
Peripheral lenders added to gains, with Spanish banks Banco Santander and BBVA advancing 0.78% and 0.89%, while Italy's Intesa Sanpaolo and Unicredit rallied 0.80% and 2.62%.
Elsewhere, Carrefour added 0.15% after France’s biggest retailer reported first-quarter revenue of EUR20.8 billion, in line with analyst estimates.
In London, FTSE 100 gained 0.43%, even as data showed that U.K. retail sales fell in March, underlining concerns over the outlook for first quarter growth.
Among earnings, Diageo Plc slid 0.33% after the distiller reported third-quarter sales that missed predictions as volumes dropped amid slowing European demand.
Meanwhile, U.K. lenders were mixed, as shares in HSBC Holdings and Lloyds Banking inched up 0.06% and 0.08%, while Barclays and the Royal Bank of Scotland retreated 0.38% and 0.97%.
Mining stocks remained mostly lower, with BHP Billiton declining 0.87%, while Antofagasta and Eurasian Natural Resources plunged 4.58% and 8.47% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.28% gain, S&P 500 futures signaled a 0.27% rise, while the Nasdaq 100 futures indicated a 0.28% increase.
Later in the day, the U.S. was to release official data on initial jobless claims and the Philly Fed manufacturing index.
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Written By: Investing.com
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