Market Update
European markets were up Wednesday tracking gains in global markets as an upbeat sentiment prevailed brought on by positive economic growth figures from China.
The FTSE was up 0.4%. The CAC 40 Paris gained 1% while the DAX put on 0.9%.
Data earlier showed consumer price inflation in the euro-zone remained unchanged last month. The area’s current account deficit fell more-than-expected in February to 21.9 billion from 25.4 billion in the preceding month, according to data published by the European Central Bank.
In the U.K., official data showed the unemployment rate fell to a five-year low in the three months to February. The overall unemployment rate fell to 6.9% from 7.2% while average earnings for the period grew 1.7% compared with a year earlier.
Stocks on the Move
Retailer Tesco picked up 3.1% in London after announcing results. The world's No. 3 retailer posted a 6% drop in annual profit, marking the second year in a row of declining profits. However, that was still better-than-expectations for a 10% drop. Tesco said like-for-like sales also fell 1.4%.
Marks and Spencer gained 1.2%.
Miners were slightly higher as they responded to the Chinese growth data. Anglo American PLC edged up 0.3% while Vedanta Resources and Rio Tinto both edged up 0.1% each.
French foods group Danone fell 1.4% after reporting a drop in quarterly sales.
In Zurich, Credit Suisse AG fell 1.7% after the company reported results.
GEA Group lifted almost 6% in Frankfurt, also after reporting results and after it reiterated its outlook for 2014.