Investing.com - European stocks were mostly higher on Wednesday, boosted by sharp gains in financial stocks despite concerns over the lack of an agreement on economic reforms for bailout funds between Greece and its creditors.
During European morning trade, the EURO STOXX 50 gained 0.58%, France’s CAC 40 advanced 0.41%, while Germany’s DAX 30 climbed 0.58%.
Investors remained cautious as the Greek government was no closer to reaching an agreement with its euro zone partners and the International Monetary Fund over economic reforms required to access remaining bailout funds, fuelling fears that the country could be forced out of the euro zone.
On Tuesday Bloomberg reported that the European Central Bank is considering tighter rules on Greek banks in return for emergency liquidity, adding to pressure on Athens.
Financial stocks were broadly higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) advanced 0.95% and 2.52%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) rallied 1.42% and 2.52%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) jumped 1.75% and 2.10% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) rose 0.17% and 0.83%.
Elsewhere, Roche Holding (SIX:ROG) Holding surged 2.67% after the Swiss healthcare company reported first-quarter revenue that exceeded analysts' estimates.
On the downside, Heineken (AMS:HEIN) slid 0.57% even as the world’s third-biggest brewer reported beer sales that advanced more than expected, boosted by growing demand in Asia.
In London, FTSE 100 down 0.13% ahead of the Bank of England's latest meeting minutes, due later in the trading session.
Mining stocks were broadly higher on the commodity-heavy index. Shares in Fresnillo (LONDON:FRES) climbed 0.49% and Bhp Billiton (LONDON:BLT) gained 0.85%, while rival Rio Tinto (LONDON:RIO) rallied 1.24%.
Rolls-Royce Holdings Plc (LONDON:RR) led gains on the index, whith shares soaring 4.02% after the luxury carmaker said that John Rishton will retire as chief executive officer and be replaced by former ARM Holdings (LONDON:ARM) CEO Warren East.
Meanwhile, financial stocks were mostly lower. The Royal Bank of Scotland (LONDON:RBS) saw shares slide 0.42% and Lloyds Banking (LONDON:LLOY) lost 0.62%, while Barclays (LONDON:BARC) dropped 0.64%. Barclays overperformed on the other hand, rising 0.26%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.27% increase, S&P 500 futures signaled a 0.25% rise, while the Nasdaq 100 futures indicated a 0.31% gain.
Later in the day, the U.S. was to release data on existing home sales.