European stocks were mixed to mostly higher early Wednesday trading following a strong finish in U.S. stock market, better-than expected trade data from China and thriving factory orders from Germany that boosted sentiment on Tuesday`s session.
Stoxx Europe 600 equity benchmark rallied on Tuesday to its highest since June, 2008 on solid corporate earnings, while Wall Street’s Dow Jones Industrial Average jumped closing above 15,000 for the first time.
- STOXX Europe 600 inched up 0.11 percent or 0.33 points to 302.07
- Euro Stoxx 50 edged 0.11 percent or 2.98 points lower to 2,766.10
Data released earlier from China showed a steady recovery in the world`s second largest economy as the trade balance came in with a more-than-estimated surplus in April at $18.16 billion from March`s $880 billion deficit. Market median expectations were for a $16.15 billion surplus.
Meanwhile, China`s exports and imports grew more than expected in April from a year earlier, easing some of the concerns about the weakness in the recovery of the world`s second-largest economy. Exports inclined in April to 14.7%, compared with a previous reading of 10.0%, while imports also inclined in April to 16.8%, compared with a previous reading of 14.1% a year earlier.
- French CAC 40 edged 0.22% higher to 3,929.87
- British FTSEE 100 rose 0.03% to 6,558.96
- German DAX lost 0.01% to 8,180.86
On corporate earnings, Deutsche Telekom AG, Germany`s largest telecommunications company, reported first-quarter profit that topped forecast.
Earnings before interest, taxes, depreciation and amortization (EBITA), adjusted for some items was 4.29 billion euros, 4.3 percent on the year, beating analysts median estimate of 4.24 billion euros. Revenue was 13.8 billion euros, 4.5 percent down from a year back
- As of 03:46 ET, Deutsche Telekom AG share rose 3.37 percent or 0.308 points to 9.44 euro
Investors will keep a close eye on the Bank of England (BOE), the central bank is due to announce its monetary decisions for May on Thursday, where economists expect that first-quarter solid GDP figure will persuade the Bank to maintain asset purchases at £375 billion, and maintain its interest rates at record low of 0.5 percent.
As of (11:21 GMT+3) the sterling pound traded at $1.5484 after opening at $1.5481. The GBPUSD pair set an intraday high of $1.5491 and low of $1.54700.
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