(MENAFN- Gulf Times) European stock markets mostly end higher at the close yesterday after Asia closed mostly higher, as traders awaited minutes from the Federal Reserve's most recent policy meeting.
While New York's three main indices ended in negative territory on Tuesday, Asian dealers were in upbeat mood, helping the dollar recover from recent losses against the yen, euro and pound.
The weaker pound, in turn, boosted London stocks, with the FTSE outperforming its European peers.
Paris posted small gains at the close, but Frankfurt fell 'after a string of disappointing eurozone manufacturing numbers, noted Connor Campbell, financial analyst at Spreadex trading group.
Frankfurt and Paris meanwhile both struggled 'after a string of disappointing eurozone manufacturing numbers, noted Connor Campbell, financial analyst at Spreadex trading group.
The dollar continued its discreet recovery yesterday, lifted by expectations that the American central bank is shifting towards tightening monetary policy quickly, dealers said.
The dollar stood comfortably firm against the euro and the yen as well as against the pound sterling which came under pressure after Britain reported rising unemployment.
The share prices of mining giant Glencore and Lloyds Banking Group (LBG) enjoyed solid gains following well-received earnings updates.
Glencore jumped 4.0% to 400 pence after the group reported bumper 2017 profits yesterday and announced a higher-than-expected dividend payout. The Swiss-based company said its net profit last year hit $5.7bn (€4.6bn), a four-fold increase compared to 2016.
LBG shares climbed 2.4% to 69.5 pence after its profit after tax soared 52% last year, when the UK lender returned fully to the private sector following a state bailout.
LBG, which was financially rescued by the UK government following the height of the financial crisis a decade ago, said profit after tax jumped to £3.04bn ($4.26bn, €3.45bn) in 2017 from £2.0bn a year earlier.
Elsewhere, both main oil contracts were lower as a stronger dollar hit recent gains for crude.
In cryptocurrency activity, bitcoin dropped to $11,188.39 from $11,705.72 on Tuesday.
In London, the FTSE 100 closed up 0.5% at 7,281.57 points; Frankfurt — DAX 30 closed down 0.1% at 12,470.49 points and Paris — CAC 40 ended up 0.2% at 5,302.17 points yesterday.
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