Investing.com - European stocks were higher on Wednesday, as markets awaited Federal Reserve Chairman Ben Bernanke's testimony to Congress, scheduled later in the day.
During European morning trade, the EURO STOXX 50 climbed 0.41%, France’s CAC 40 advanced 0.47%, while Germany’s DAX 30 added 0.26%.
Markets were jittery ahead of Bernanke's testimony on monetary policy amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.
Stocks rallied last week after Bernanke said the U.S. economy still needed monetary stimulus.
Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but interest rates will remain at record lows for the foreseeable future.
Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale rose 0.64% and 0.04%, while Germany's Deutsche Bank added 0.17%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA gained 0.21% and 0.90% respectively, while Italy's Unicredit and Intesa Sanpaolo advanced 0.28% and 0.55%.
Elsewhere, L’Oreal plummeted 2.83% after the cosmetics maker said quarterly sales advanced 5.2%, missing market estimates due to a slowdown in North American revenue.
In London, commodity-heavy FTSE 100 rose 0.44%, supported by sharp gains in mining stocks.
Mining giants BHP Billiton and Rio Tinto jumped 1.39% and 3.49% respectively, while Anglo American rallied 1.23% and Randgold Resources surged 3.60%.
BHP Billiton said earlier that iron-ore production rose to a record 47.7 million metric tons in the second quarter, from 40.9 million tons a year earlier.
Financial stocks were also on the upside, as shares in Barclays added 0.30% and HSBC Holdings climbed 0.81%, while Lloyds Banking and the Royal Bank of Scotland gained 1.52% and 2.93%.
The U.S. Federal Energy Regulatory Commission said that Barclays and four former traders must pay a combined USD487.9 million in fines and penalties, in an order tied to an investigation of alleged manipulation of energy markets.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.03% gain, S&P 500 futures signaled a 0.01% rise, while the Nasdaq 100 futures indicated a 0.13% increase.
Later in the day, the U.S. was to release official data on building permits and housing starts.
During European morning trade, the EURO STOXX 50 climbed 0.41%, France’s CAC 40 advanced 0.47%, while Germany’s DAX 30 added 0.26%.
Markets were jittery ahead of Bernanke's testimony on monetary policy amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.
Stocks rallied last week after Bernanke said the U.S. economy still needed monetary stimulus.
Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but interest rates will remain at record lows for the foreseeable future.
Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale rose 0.64% and 0.04%, while Germany's Deutsche Bank added 0.17%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA gained 0.21% and 0.90% respectively, while Italy's Unicredit and Intesa Sanpaolo advanced 0.28% and 0.55%.
Elsewhere, L’Oreal plummeted 2.83% after the cosmetics maker said quarterly sales advanced 5.2%, missing market estimates due to a slowdown in North American revenue.
In London, commodity-heavy FTSE 100 rose 0.44%, supported by sharp gains in mining stocks.
Mining giants BHP Billiton and Rio Tinto jumped 1.39% and 3.49% respectively, while Anglo American rallied 1.23% and Randgold Resources surged 3.60%.
BHP Billiton said earlier that iron-ore production rose to a record 47.7 million metric tons in the second quarter, from 40.9 million tons a year earlier.
Financial stocks were also on the upside, as shares in Barclays added 0.30% and HSBC Holdings climbed 0.81%, while Lloyds Banking and the Royal Bank of Scotland gained 1.52% and 2.93%.
The U.S. Federal Energy Regulatory Commission said that Barclays and four former traders must pay a combined USD487.9 million in fines and penalties, in an order tied to an investigation of alleged manipulation of energy markets.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.03% gain, S&P 500 futures signaled a 0.01% rise, while the Nasdaq 100 futures indicated a 0.13% increase.
Later in the day, the U.S. was to release official data on building permits and housing starts.