By Investors Hub
Following the Labor Day holiday on Tuesday, European stocks have moved to the upside during trading on Wednesday.
While the German DAX Index has jumped by 1.2 percent, the U.K.?s FTSE 100 Index is up by 0.4 percent and the French CAC 40 Index is up by 0.1 percent.
The positive trend across Europe is due largely to some buoyant corporate earnings reports. The Federal Reserve’s monetary policy is due for release later in the day, but for now, traders seem keen on picking up stocks, betting on hopes companies will continue to report impressive numbers.
In economic news, the preliminary flash estimate from Eurostat showed the euro area economy expanded at a slower pace in the first quarter, with gross domestic product growing 0.4 percent sequentially, slower than the 0.7 percent expansion seen in the fourth quarter. However, the increase was in line with expectations.
On a yearly basis, economic growth eased as expected to 2.5 percent in the first quarter from 2.8 percent in the fourth quarter.
A separate report from Eurostat showed the euro area unemployment rate remained unchanged in March, holding steady at 8.5 percent, the lowest since December of 2008.
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