Investing.com - European stocks were higher on Wednesday, as markets eyed the European Central Bank's upcoming policy statement, due later in the day, although concerns over Greece's debt woes continued to weigh.
During European morning trade, the EURO STOXX 50 gained 0.42%, France’s CAC 40 advanced 0.41%, while Germany’s DAX 30 rose 0.31%.
Investors remained cautious as Greece continued to face a debt default unless it can reach a deal with its international creditors by the end of April.
The government said on Monday that it has decided to withhold €2.5 billion of payments due to the International Monetary Fund in May and June if no agreement is struck.
Financial stocks were broadly higher, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) climbed 0.44% and 0.58%, while Germany's Deutsche Bank (XETRA:DBKGn) edged up 0.11%.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) gained 0.51 and 0.67% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) advanced 0.52% and 0.58%.
Elsewhere, Alcatel-Lucent (PARIS:ALUA) dove 9.22% and Nokia Oyj (HEL:NOK1V) surged 2.80% after the two telecom equipment groups concluded a full combination via a public exchange offer by Nokia for Alcatel-Lucent.
Adding to gains, Hennes & Mauritz AB (ST:HMb) climbed 0.50% after the clothing retailer said sales increased by 10% in March, exceeding analysts's estimates.
In London, commodity-heavy FTSE 100 gained 0.34%, boosted by sharp gains in energy and mining stocks.
Oil and gas giant BP (LONDON:BP) saw shares rally 1.10%, while rival company Tullow Oil (LONDON:TLW) surged 3.28%, leading gains on the index.
Among mining stocks, Bhp Billiton (LONDON:BLT) rose 0.27% and Glencore Xstrata (LONDON:GLEN) jumped 1.12%, while shares in Fresnillo (LONDON:FRES) climbed 1.83%.
In the financial sector, stocks were also higher. Shares in Barclays (LONDON:BARC) edged up 0.10% and Lloyds Banking (LONDON:LLOY) added 0.16%, while HSBC Holdings (LONDON:HSBA) and the Royal Bank of Scotland (LONDON:RBS) advanced 0.34% and 0.54% respectively.
In earnings news, luxury clothing retailer Burberry Group (LONDON:BRBY) said second-half sales rose 10%, sending the company's shares up 0.73%.
In the U.S., equity markets pointed to a steady to lower open. The Dow Jones Industrial Average futures pointed to a 0.08% slip, S&P 500 futures signaled a 0.06% downtick, while the Nasdaq 100 futures indicated a 0.09% loss.
Later in the day, the U.S. was to release reports on industrial production and manufacturing activity in New York state.