European stocks turn higher on BoJ optimism; Dax up 0.54%

Investing.com - European stocks turned higher on Thursday, as sentiment remained supported by the Bank of Japan's monetary easing steps, while the minutes of the Federal Reserve’s March meeting showed that several policymakers favor an early end to the bank’s asset purchase program.

During European afternoon trade, the EURO STOXX 50 rose 0.30%, France’s CAC 40 advanced 0.59%, while Germany’s DAX 30 climbed 0.54%.

Market sentiment has been supported since the BoJ unveiled a massive monetary stimulus program last week, aimed at beating deflation in the world’s third largest economy.

Meanwhile, Wednesday’s minutes of the Federal Reserve’s March meeting, which were inadvertently released ahead of schedule, showed that that a few policymakers saw quantitative easing tapering around midyear, while several others believed it would be appropriate to slow later in the year and to stop by the end of the year.

The impact of the minutes was muted as the meeting was held before nonfarm payrolls data showed that the U.S. economy added far fewer than expected jobs in March.

Financial stocks turned mostly lower, as shares in French lender Societe Generale tumbled 1.23%, while Germany's Deutsche Bank and Commerzbank retreated 1.02% and 1.08%.

Peripheral lenders added to losses, with Italian banks Unicredit and Intesa Sanpaolo sliding 0.56% and 0.95% respectively, while Spain's BBVA and Banco Santander retreated 0.43% and 0.72%.

Elsewhere, Axa jumped 1.13%, as Europe’s second-largest insurer, agreed to sell a U.S. unit and transfer certain obligations to Protective Life for EUR820 million.

In London, FTSE 100 rose 0.36%, boosted a sharp gains in Ashmore shares.

The emerging markets investment specialist soared 13.75% after saying clients added USD7.3 billion of net new money to its range of funds in the first three months of the year, blowing past market expectations.

Meanwhile, oil and gas giant Anglo American remained sharply lower, tumbling 1.33%, while rival company BP eased up 0.04%, erasing earlier losses.

Mining giants Rio Tinto and BHP Billiton also remained on the downside, slipping 0.11% and 0.20% respectively, as did Eurasian Natural Resources and Evraz, down 4.61% and 9.49%.

In addition, copper producers Xstrata and Kazakhmys saw shares plummet 1.72% and 5.95%.

In the financial sector, stocks were mixed. HSBC Holdings edged down 0.18% and Lloyds Banking shed 0.35%, while the Royal Bank of Scotland and Barclays advanced 0.49% and 0.70%.

In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.12% rise, S&P 500 futures signaled a 0.08% gain, while the Nasdaq 100 futures indicated a 0.12% fall.

Later in the day, the U.S. was to publish the weekly government report on initial jobless claims and data on import prices.