News from across the continent
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06/03/2013 08:53:57 AM
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Publish Date06/03/2013 08:53:57 AM
Last Update06/03/2013 11:53:40 AM
European stocks posted gains in early trading on Wednesday, following the strong rally in the U.S. and Asian markets while investors pause to see whether a technocratic government leads Italy again.
– STOXX Europe 600 rose 0.02 percent or 0.05 points to 294.16
– STOXX 50 edged 0.07 percent or 1.95 points to 2,684.97
Asian stocks extended gains from the previous rally after regional data showed that a surge in exports helped Australia`s economy expand 0.6 percent in the fourth quarter of 2012. Wall Street also rallied after the Dow industrial average hit a record high on signs of continuing U.S. economic recovery, adding to investor optimism.
European stocks gained on Wednesday as Italy’s uncertainty appeared to be decreasing where official said that Italy’s President Giorgio Napolitano is thinking of appointing another technocrat government led by a non-politician in a serious bid to end the political hazard in Italy.
– Italy’s FTSE MIB rose 0.16% to 15,999.84
– British FTSE 100 went up 0.15% to 6,441.52
– France`s CAC 40 rose 0.08% to 3,790.36
– German DAX surged 0.36% to 7,898.64
Eyes will track major central banks meeting on Thursday to see if banks opt for more stimuli to boost economic growth. The sentiment across markets advanced as central banks are likely to remain very accommodative for a while.
However, gains might be limited later in the session, as data from the Eurozone may show the block is heading towards its steepest downturn in almost four years.
A preliminary reading of the Gross Domestic Product (GDP) in the euro area probably tumbled 0.6 percent in the fourth quarter from the previous three months. That is the worst performance since the depths of the recession in 2009.
The euro is trading at $1.3051 as of 10:43 AM (GMT +2) after opening at $1.3049. The EUR / USD pair has so far set a session high at $1.3069 and low of $1.3042.
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