(MENAFN– ecpulse)
European equities market opened modestly higher on Wednesday, mirroring gains in Asia and Wall Street where shares recorded its strongest performance in 2014 thanks to solid U.S. retail sales figures that topped estimates in the previous session.
- Stoxx 600 rose 0.48 percent, 1.58 points to 332.81
- Stoxx 50 added 0.34 percent, 10.01 points to 2,941.12
The Asian markets ended the session mostly higher following Tuesday`s sell-off, as optimism that the global economy is strengthening offset worries over the Federal Reserving tapering of stimulus program.
The World Bank revised up its growth projections for the global economy, saying the performance of advanced economies would support stronger growth in developing countries in 2014.
World Bank now expects the world economy to grow 3.2 percent this year, stronger than the 3 percent growth forecast in June.
Germany’s economy expanded less than forecast last year, easing to its slowest pace in four years, data showed today. Real GDP rose 0.4% in 2013, after 0.7% in 2012 and 3.3% in 2011. The full-year estimate was slightly below the median forecast of 0.5%.
- The British FTSE 100 was up 0.32% or 21.43 points to 6,788.29
- The French CAC 40 gained 0.55% or 23.33 points to 4,297.53
- Frankfurt’s DAX 30 climbed 0.88% or 84.33 points to 9,624.84
In economic events, French President Francois Hollande unveiled on Tuesday a pro-business agenda of reduced government spending and lower taxes in an effort to increase employment.
In corporate news, luxury retailer Burberry reported a strong Christmas trading period on Wednesday. The company said retail revenue rose 14 percent in the third quarter.
- As of 04:07 ET, Burberry Group PLC share gained 5.51% or 81.00 points to 1,550.00 pounds
Germany’s Fraport AG, the owner and operator of Germany`s Frankfurt Airport, reported Wednesday a growth in passenger traffic in December. The company also said it expects passenger figures to rise further at Frankfurt Airport.
- As of 04:08 ET, Fraport AG share rose 2.99%, or 1.630 points to 56.220 euro
In the U.S., investors await speeches from regional Fed officials later today for further clues to decisions to be made at the Federal Reserve`s next policy meeting on January 28-29. Investors will be also waiting for key economic releases, including U.S. manufacturing activity data and the Beige Book report both due later in the day.
Closer home, Bank of England Governor Mark Carney is scheduled to give a speech on London later in the day.
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