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European stocks higher ahead of euro zone data; Dax up 0.49%

Published 07/12/2013, 03:38 AM
Updated 07/12/2013, 03:43 AM

Investing.com - European stocks were higher on Friday, as investors eyed the release of euro zone industrial production data later in the day, while Wednesday's comments by Federal Reserve Chairman Ben Bernanke continued to support global equities.

During European morning trade, the EURO STOXX 50 edged up 0.25%, France’s CAC 40 added 0.20%, while Germany’s DAX 30 climbed 0.49%.

Global stocks gained ground after Bernanke on Wednesday said the Fed will continue to maintain accommodative monetary policy for the foreseeable future, citing low levels of inflation and the high unemployment rate.

The comments came after the minutes of the central bank’s June policy meeting showed that Fed policymakers remain divided over when to begin tapering its USD85 billion-a-month asset purchase program.

Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale climbed 0.77% and 0.84%, while Germany's Deutsche Bank jumped 1.13%.

Peripheral lenders added to gains, with Spanish bank Banco Santander rising 0.31%, while Italy's Unicredit and Intesa Sanpaolo gained 0.17% and 0.93%.

Elsewhere, SAP AG advanced 0.70% and Cap Gemini jumped 1.76% after Infosys Ltd. issued a better-than-estimated sales forecast.

In London, FTSE 100 added 0.30%, as U.K. lenders tracked their European counterparts higher.

HSBC Holdings edged up 0.28% and Barclays advanced 0.82%, while Lloyds Banking and the Royal Bank of Scotland rallied 0.97% and 1.36% respectively.

Adding to gains, Invensys skyrocketed 15.88% after Schneider Electric offered about GBP3.3 billion for the U.K. company.

Meanwhile, mining stocks were mostly lower, as Rio Tinto and BHP Billiton were down 1.12% and 0.07%, while Anglo American plummeted 1.10%.

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.06% slip, S&P 500 futures signaled a 0.09% loss, while the Nasdaq 100 futures indicated a 0.05% dip.

Later in the day, the U.S. was to produce official data on producer price inflation and preliminary data from the University of Michigan on consumer sentiment.


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