Modupe Gbadeyanka
By Investors Hub
European stocks are mostly higher on Wednesday, with traders indulging in some bargain hunting after recent losses. A fairly steady Chinese currency and higher U.S. futures appeared to be supporting the uptick in European markets.
Investors were also reacting to economic data from the region in addition to tracking quarterly earnings reports and other corporate news.
While the U.K.?s FTSE 100 Index has risen by 0.4 percent, the German DAX Index and the French CAC 40 Index are up by 0.7 percent and 0.8 percent, respectively.
On the economic front, data released by Destatis showed Germany industrial output fell by a larger than expected 1.5 percent in June. Economists had forecast industrial production to fall 0.5 percent, reversing a 0.3 percent rise in May.
Year-on-year, industrial production declined at a faster pace of 5.2 percent after easing 4.4 percent a month ago. Economists had forecast 3.1 percent decrease.
According to preliminary data from French Customs, France’s merchandise trade deficit widened in June after narrowing in the previous two months, amid a slump in exports.
The trade deficit rose to 5.18 billion euros in June from 3.27 billion euros in May. The trade deficit was forecast to rise to 4.11 billion euros.
In the U.K., house prices decreased for the second straight month in July, figures from the Lloyds Bank subsidiary Halifax and IHS Markit showed.
The report said house prices unexpectedly dipped by 0.2 percent in July after falling 0.4 percent in June. Economists had forecast a 0.3 percent increase.
