European stocks stage rebound

LONDON: Europe’s main stock markets rebounded Wednesday after two days of losses as optimistic investors eyed the upcoming US results season, dealers said.
London’s FTSE 100 climbed 0.68 per cent to 6,635.61 points, while in Paris the CAC 40 added 0.40 per cent to 4,442.68 points and the DAX 30 in Frankfurt tacked on 0.16 per cent to 9,506.35 points.
“Having followed US markets lower in the last few days, European markets are now following them back up again today with those most beaten down leading the charge, namely the housing and tech sectors,” said market analyst Jasper Lawler at CMC Markets UK.
On Tuesday, Wall Street enjoyed a pick-up after suffering three successive sessions of losses led by the Nasdaq, as investors had feared that big-name tech firms such as Facebook, Google and Tesla were overpriced.
Meanwhile: US stocks pushed firmly in positive territory on Wednesday, with the Dow Jones industrial Average rising 0.22 per cent to 16,291.39 points in midday trading.
The broad-based S&P 500 advanced 0.26 per cent to 1,856.86, while the tech-rich Nasdaq Composite Index gained 0.60 per cent to 4,137.78.
IG’s McCaig noted that the market is now looking towards “Friday’s double US banking hit, as both JP Morgan and Wells Fargo are due to report”.
In foreign exchange deals, the European single currency rose to $1.3820 from $1.3797 late Tuesday in New York. The dollar edged up to 101.81 yen from 101.75.
The euro lifted to 82.49 British pence from 82.36 pence on Tuesday, while the pound edged up to $1.6753 from $1.6749.
On the London Bullion Market, the price of gold slid to $1,301.75 an ounce from $1,309.50 on Tuesday.
European equities had retreated Tuesday on simmering Ukraine-Russia tensions and after the IMF cut its forecast for global economic growth.
That came after markets slumped on Monday as investors fretted over the global technology sector, fresh unrest in Ukraine and the US interest rate outlook, dealers said.
Elsewhere on Wednesday, Asia’s markets mostly rose following a slight rebound on Wall Street.
Hong Kong added 1.09 percent, Seoul rose 0.30 percent and Shanghai finished 0.33 percent higher.
However, Tokyo stocks tumbled 2.10 percent, taking another hit from a stronger yen which hurts exporters.