Investing.com - European stock markets were broadly higher on Wednesday, as market sentiment improved after China said it would increase its investment and support the euro zone, while traders awaited further developments surrounding Greece.
During European morning trade, the EURO STOXX 50 climbed 0.7%, France’s CAC 40 rose 0.75%, while Germany’s DAX 30 gained 1%.
Market sentiment was boosted after the Governor of the People’s Bank of China Zhou Xiaochuan said he believes the euro zone’s challenges can be solved and that he fully supports measures taken by the European Central Bank during the crisis.
He also said that China will become more involved in efforts to resolve the crisis through mechanisms such as the European Financial Stability Facility, the region’s bailout fund.
Shares in the financial sector led markets higher. France’s largest lender BNP Paribas soared 5.2% after completing what it called a "good performance despite the Greek sovereign-debt impairment."
Earnings were EUR765 million, down from EUR1.55 billion in the year-earlier quarter. Revenue declined 6.1% to EUR9.69 billion. The impairment to the value of its Greek sovereign debt was EUR567 million.
Elsewhere across the sector, Societe Generale shares rose 3%, Italy’s Unicredit gained 2.15%, while Deutsche Bank added 1.35%.
Markets were awaiting further developments surrounding Greece. Euro zone finance ministers cancelled a meeting planned for later Wednesday in Brussels and will hold a teleconference call instead to discuss the approval of Greece’s second bailout.
Meanwhile, Dutch brewer Heineken jumped 3.95% after reporting annual profit that beat estimates and unveiled a new cost-saving goal to combat higher ingredients expenses.
Earlier in the day, official data showed that Germany’s economy contracted by a less-than-expected 0.2% in the final three months of 2011, France’s economy expanded 0.2%, confounding expectations for a 0.2% contraction, while Italy’s economy shrank by 0.7%.
Elsewhere, in London, FTSE 100 rose 0.25%, ahead of the release of the Bank of England’s latest inflation report. The report was expected to indicated whether policymakers are likely to implement further monetary stimulus measures in the coming months after the central bank increased quantitative easing last week.
British lenders tracked their European counterparts higher, with Royal Bank of Scotland shares jumping 2.95%, HSBC Holdings rising 2.25% and Barclays trading up 2.2%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.45%, S&P 500 futures signaled a 0.6% advance, while the Nasdaq 100 futures indicated an increase of 0.65%.
Later in the day, the U.S. was to release a report on manufacturing activity in the New York-region as well as industrial production data.
During European morning trade, the EURO STOXX 50 climbed 0.7%, France’s CAC 40 rose 0.75%, while Germany’s DAX 30 gained 1%.
Market sentiment was boosted after the Governor of the People’s Bank of China Zhou Xiaochuan said he believes the euro zone’s challenges can be solved and that he fully supports measures taken by the European Central Bank during the crisis.
He also said that China will become more involved in efforts to resolve the crisis through mechanisms such as the European Financial Stability Facility, the region’s bailout fund.
Shares in the financial sector led markets higher. France’s largest lender BNP Paribas soared 5.2% after completing what it called a "good performance despite the Greek sovereign-debt impairment."
Earnings were EUR765 million, down from EUR1.55 billion in the year-earlier quarter. Revenue declined 6.1% to EUR9.69 billion. The impairment to the value of its Greek sovereign debt was EUR567 million.
Elsewhere across the sector, Societe Generale shares rose 3%, Italy’s Unicredit gained 2.15%, while Deutsche Bank added 1.35%.
Markets were awaiting further developments surrounding Greece. Euro zone finance ministers cancelled a meeting planned for later Wednesday in Brussels and will hold a teleconference call instead to discuss the approval of Greece’s second bailout.
Meanwhile, Dutch brewer Heineken jumped 3.95% after reporting annual profit that beat estimates and unveiled a new cost-saving goal to combat higher ingredients expenses.
Earlier in the day, official data showed that Germany’s economy contracted by a less-than-expected 0.2% in the final three months of 2011, France’s economy expanded 0.2%, confounding expectations for a 0.2% contraction, while Italy’s economy shrank by 0.7%.
Elsewhere, in London, FTSE 100 rose 0.25%, ahead of the release of the Bank of England’s latest inflation report. The report was expected to indicated whether policymakers are likely to implement further monetary stimulus measures in the coming months after the central bank increased quantitative easing last week.
British lenders tracked their European counterparts higher, with Royal Bank of Scotland shares jumping 2.95%, HSBC Holdings rising 2.25% and Barclays trading up 2.2%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.45%, S&P 500 futures signaled a 0.6% advance, while the Nasdaq 100 futures indicated an increase of 0.65%.
Later in the day, the U.S. was to release a report on manufacturing activity in the New York-region as well as industrial production data.