Dipo Olowookere
By Investors Hub
European stocks are moving higher in cautious trading on Wednesday after Italy’s populist government reportedly reached an informal agreement with Brussels over its budget.
Traders are also awaiting the outcome of a two-day Federal Reserve meeting for clues on the path for future rate hikes. The U.S central bank is expected to sound a bit more dovish after raising rates by 25 basis points later in the day.
The Bank of Japan and the Bank of England are likely to maintain the status quo when they review their monetary policies on Thursday.
While the U.K.?s FTSE 100 Index has jumped by 1 percent, the German DAX Index and the French CAC 40 Index are both up by 0.6 percent.
Reinsurance company Swiss Re has risen after company estimated that natural catastrophes and man-made disasters will cost the insurance industry around $79 billion in 2018.
French drug giant Sanofi has also advanced. The company said it would transfer the listing of its American Depositary Shares from the New York Stock Exchange to The Nasdaq Global Select Market effective December 31, 2018, after market close.
Volkswagen has also moved to the upside in Frankfurt. The U.S. Justice Department said Volkswagen supplier IAV GmbH has agreed to plead guilty and pay a $35 million fine for its role in the German auto giant’s emissions-cheating scheme.
GlaxoSmithKline Plc shares have soared in London after the company agreed to combine its consumer healthcare business with Pfizer (PFE).
Gambling operator GVC Holdings has also jumped. The company noted the U.K. government has enacted the cut in B2 gaming machine maximum staking levels to 2 pounds.
On the other hand, consumer electronics retailer Ceconomy has plunged after scrapping its dividend and giving downbeat guidance for 2018/19.
