Forex Pros – European stock markets were broadly higher on Wednesday, as automakers led gains amid hopes the global economic recovery was gathering pace, while U.S. futures indexes pointed to a higher open on Wall Street.
During European morning trade, the EURO STOXX 50 gained 0.65%, France’s CAC 40 climbed 0.8%, while Germany’s DAX 30 rallied 1.5%.
European automakers performed strongly after Japanese automakers began resuming production at domestic factories following the March 11 earthquake.
Shares in Volkswagen jumped 2.2%, BMW saw shares climb 2%, while French automakers Renault and Peugeot saw shares gain 1.35% and 1.8% respectively.
Meanwhile, shares in Europe’s largest paper maker Stora Enso rose 2.7% after Morgan Stanley upgraded the stock to ‘overweight’. In London, the commodity-heavy FTSE 100 climbed 0.45% as shares in miners led gains amid hopes that the global economic recovery would boost demand for raw materials.
The world’s largest mining group BHP Billiton saw shares jump 2.7%, rival Rio Tinto rose 2.1%, while copper producer Xstrata saw shares add 1.25%.
Also Wednesday, gold producer African Barrick Gold saw shares increase 2.25% after Societe Generale recommended buying the stock, while copper producer Vedanta Resources rallied 4.5% after Morgan Stanley said the shares have the potential to gain as much as 64%.
The outlook for U.S. equity markets, meanwhile, was upbeat. The Dow Jones Industrial Average futures pointed to a rise of 0.34%, S&P 500 futures indicated a gain of 0.38%, while the Nasdaq 100 futures added 0.54%.
Later in the day, the U.S. was to publish data on private sector payrolls compiled by payroll processing firm ADP as well as a report on crude oil stockpiles.
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