Investing.com - European stocks were higher on Wednesday, as investors awaited the conclusion of a highly-anticipated OPEC meeting later in the day and as upbeat German data lent some support.
During European morning trade, the EURO STOXX 50 advanced 0.48%, France’s CAC 40 climbed 0.50%, while Germany’s DAX 30 gained 0.36%.
Earlier Wednesday, data showed that German retail sales increased by 2.4% in October, beating expectations for a 1.0% rise.
However, year-on-year, German retail sales dropped 1.0% last month, compared to expectations for a 1.0% rise.
But markets were still jittery as Italian citizens are set to vote on December 4 in a referendum on whether to overhaul their national constitution, which should help Prime Minister Matteo Renzi implement badly needed economic reforms.
The vote is widely seen as determining Renzi's political fate seeing as he may resign if a "no" vote prevails. The latest opinion polls show most Italians opposing the proposed constitutional changes.
Financial stocks were mixed, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) gained 0.20% and 0.69%, while Deutsche Bank (DE:DBKGn) advanced 0.49% and Commerzbank (DE:CBKG) slid 0.36% in Germany.
Among peripheral lenders, Intesa Sanpaolo (MI:ISP) climbed 0.63% and Unicredit (MI:CRDI) dipped 0.05% in Italy, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) added 0.48% and 0.47% respectively.
Meanwhile, energy stocks were mostly higher, as oil prices rallied ahead of OPEC’s meeting set to discuss a potential production cut.
French oil and gas major Total SA (PA:TOTF) rose 0.25% and Italy’s ENI (MI:ENI) gained 0.87%, while Norwegian rival Statoil (OL:STL) inched up 0.07%.
In London, FTSE 100 edged up 0.15%, led by Sage Group (LON:SGE), whose shares surged 2.07% after the company reported a full-year operating profit of £300 million.
Financial stocks were also mostly higher, as Barclays (LON:BARC) eased up 0.05% and HSBC Holdings (LON:HSBA) rose 0.33%, while Lloyds Banking (LON:LLOY) rallied 1.11%.
The Royal Bank of Scotland (LON:RBS) underperformed however, with shares plummeting 2.82% as the lender announced a revised capital plan on Wednesday after failing a stress test from the Bank of England.
Meanwhile, mining stocks were sharply lower on the commodity-heavy index. Shares in BHP Billiton (LON:BLT) declined 2.13% and Rio Tinto (LON:RIO) lost 2.92%, while rivals Anglo American (LON:AAL) and Glencore (LON:GLEN) dove 3.44% and 3.22% respectively.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a 0.11% gain, S&P 500 futures showed a 0.14% rise, while the Nasdaq 100 futures indicated a 0.16% increase.