Investing.com - European stocks were higher on Thursday, supported by new hopes for progress in tackling the debt crisis in Greece, although concerns over U.S. fiscal policy limited gains.
During European morning trade, the EURO STOXX 50 climbed 0.80%, France’s CAC 40 advanced 0.63%, while Germany’s DAX 30 rose 0.54%.
Market sentiment found some support after the Greek parliament narrowly approved further austerity measures required to secure the next installment of bailout funds late Wednesday, but the measures look likely to exacerbate the country’s recession.
Meanwhile, the outlook for U.S. and global growth was clouded amid concerns over the fiscal cliff, USD500 billion of automatic tax hikes and spending cuts due to come into effect on January 1, unless lawmakers can reach an agreement.
Financial stocks were mostly higher, led by French lenders BNP Paribas and Societe Generale, as shares surged 2.12% and 3.21%, and closely followed by Spain's Banco Santander, up 0.91%, while BBVA advanced 0.43%.
Italian banks were also on the upside, with shares in Unicredit and Intesa Sanpaolo climbing 0.70% and 0.66% respectively. German lenders underperformed on the other hand, as Deutsche Bank dipped 0.03% and Commerzbank dropped 0.46%.
Among earnings, Repsol said quarterly profit jumped because of increased production, sending shares up 2%.
Meanwhile, Swiss Re rallied 1.69% after saying smaller losses from natural disasters helped net income surge in the third quarter.
In London, FTSE 100 rose 0.42%, supported by gains in financial stocks.
Shares in HSBC Holdings added 0.04% and the Royal Bank of Scotland climbed 0.77%, while Barclays jumped 1.08%. Lloyds Banking trended lower however, with shares slipping 0.16%.
Mining giants Rio Tinto and BHP Billiton added to gains, with shares rising 0.39% and 1.06%, while copper producer Xstrata advanced 0.70%.
Elsewhere, consumer goods group Tesco gained 1.75% after announcing earlier a GBP25 million annual investment in British agriculture.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.37% increase, S&P 500 futures signaled a 0.33% rise, while the Nasdaq 100 futures indicated a 0.31% gain.
Later Thursday, the eurogroup of finance ministers were to hold talks in Brussels to discuss financial issues in the bloc.
The U.S. was to publish official data on the trade balance as well as the weekly government report on initial jobless claims.
During European morning trade, the EURO STOXX 50 climbed 0.80%, France’s CAC 40 advanced 0.63%, while Germany’s DAX 30 rose 0.54%.
Market sentiment found some support after the Greek parliament narrowly approved further austerity measures required to secure the next installment of bailout funds late Wednesday, but the measures look likely to exacerbate the country’s recession.
Meanwhile, the outlook for U.S. and global growth was clouded amid concerns over the fiscal cliff, USD500 billion of automatic tax hikes and spending cuts due to come into effect on January 1, unless lawmakers can reach an agreement.
Financial stocks were mostly higher, led by French lenders BNP Paribas and Societe Generale, as shares surged 2.12% and 3.21%, and closely followed by Spain's Banco Santander, up 0.91%, while BBVA advanced 0.43%.
Italian banks were also on the upside, with shares in Unicredit and Intesa Sanpaolo climbing 0.70% and 0.66% respectively. German lenders underperformed on the other hand, as Deutsche Bank dipped 0.03% and Commerzbank dropped 0.46%.
Among earnings, Repsol said quarterly profit jumped because of increased production, sending shares up 2%.
Meanwhile, Swiss Re rallied 1.69% after saying smaller losses from natural disasters helped net income surge in the third quarter.
In London, FTSE 100 rose 0.42%, supported by gains in financial stocks.
Shares in HSBC Holdings added 0.04% and the Royal Bank of Scotland climbed 0.77%, while Barclays jumped 1.08%. Lloyds Banking trended lower however, with shares slipping 0.16%.
Mining giants Rio Tinto and BHP Billiton added to gains, with shares rising 0.39% and 1.06%, while copper producer Xstrata advanced 0.70%.
Elsewhere, consumer goods group Tesco gained 1.75% after announcing earlier a GBP25 million annual investment in British agriculture.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.37% increase, S&P 500 futures signaled a 0.33% rise, while the Nasdaq 100 futures indicated a 0.31% gain.
Later Thursday, the eurogroup of finance ministers were to hold talks in Brussels to discuss financial issues in the bloc.
The U.S. was to publish official data on the trade balance as well as the weekly government report on initial jobless claims.