Forex Pros – European stock markets were broadly higher on Wednesday, rebounding from a four-week low as shares in the financial and commodity sectors led gains, while U.S. futures indexes pointed to a higher open on Wall Street.
During European morning trade, the EURO STOXX 50 rose 0.85%, France’s CAC 40 jumped 0.95%, while Germany’s DAX 30 was up 0.9%.
Shares in the financial sector performed strongly, recouping recent losses, ahead of bond auctions from Germany and Portugal later in the day.
Europe’s largest financial group BNP Paribas rose 0.95%, Spanish banking giant Banco Santander advanced 1.05%, while shares in U.K. lender Barclays added 0.9%.
Deutsche Bank climbed 1.7% on news that chief executive Josef Ackermann expected the company to achieve a profit of between EUR11 billion and EUR12 billion within two to three years, an increase of 20% from profit recorded in the most recent quarter.
Meanwhile, shares in Deutsche Telekom advanced 2% after both Bank of America-Merrill Lynch and Citigroup recommended buying the stock, citing expectations for increased revenue after the sale of its T-Mobile USA unit.
In London, the commodity-heavy FTSE 100 climbed 0.9% as raw material producers led gains after metal prices advanced. Shares in mining giant BHP Billiton jumped 1.7%, copper producer Xstrata rose 2.15%, while rival Antofagasta added 1.65%.
Meanwhile, shares in the U.K.’s largest real estate investment trust Land Securities surged 6.75% after reporting a 12% increase in annual profit and was upbeat about growth prospects in London over the next few years.
The upbeat results boosted other shares across the sector, with British Land Company climbing 6.3% and Hammerson gaining 4.9%.
The outlook for U.S. equity markets, meanwhile, was upbeat ahead of earnings reports from retail bellwethers Target and Staples, as well as from agricultural equipment manufacturer Deere & Co..
The Dow Jones Industrial Average futures pointed to gain of 0.4%, S&P 500 futures indicated a rise of 0.43%, while the Nasdaq 100 futures added 0.35%.
Later in the day, the Federal Reserve was to publish the minutes of its last policy meeting.
ForexPros.com
