European markets rallied modestly after a slow session on Tuesday.
He Stoxx 600 Index it was slightly higher, 0.26% in the afternoon. mining shares advanced, 2.6% more, while utilities decreased 1.26%.
euronextthe European stockbroker, was among the top performers, gaining 6% after it announced the company had reached a €5.4bn deal for the Allfunds investment platform.
Economic data remains in the forefront after statistics released on Tuesday showed inflation in France and Spain rose unexpectedly fast in February.
PMI data on Wednesday showed that French manufacturing output fell after a strong showing in January. Italy’s statistics office announced a 6.9% increase in gross domestic product.
Global markets rallied as China’s Bureau of Statistics said its official manufacturing purchasing managers’ index rose to 52.7 in February.
Inflation figures for Germany will be released before inflation estimates for the euro zone on Thursday.
In the Asia-Pacific markets, stocks were mostly higher, while US stock futures rose.
The Purchasing Managers’ Index (PMI) showed that French manufacturing output and new orders fell sharply in February, despite a return to growth seen in January.
In Spain, the manufacturing PMI showed moderate expansion; the decline in new orders slowed and factory output increased.
Italy also saw an increase, with a significant increase in production and an expansion in new orders.
Wall Street set to bounce back after choppy February trading and Fed rate hikes
US stock futures rose as Wall Street looked poised to bounce back from choppy trading last month.
futures tied to S&P 500 rose 0.4%, while Dow Jones Industrial Average futures rose 0.3%. Hi-tech contracts Nasdaq Composite rose 0.5%.
The benchmark 10-year US Treasury yield rose to 3.93% on Wednesday morning. Crude oil traded lower, with benchmark US WTI dipping to $76.30 a barrel.
Wall Street is awaiting manufacturing data on Wednesday morning, which clearly shows the impact of monetary policy tightening.
Stocks fell Tuesday, ending a volatile February on Wall Street. The late February rebalancing caused some volatility in stocks and strength in bonds Tuesday afternoon. Additionally, Goldman Sachs Investor Day featured a 3.9% stock selloff as the bank considers various sources for its struggling consumer platform business.
Since last year, the Fed has raised rates sharply to reduce inflation, but inflation is holding steady.
