Business

European stocks open higher

LONDON: Europe’s main stock markets opened higher on Wednesday, extending slightly their recovery from last week’s heavy falls.

London’s benchmark FTSE 100 index edged up 0.05 percent to 6,375.35 points and Frankfurt’s DAX 30 won a solid 0.53 percent to 8,934.54.

The Paris CAC 40 rose 0.24 percent to stand at 4,090.24 points compared with Tuesday’s closing level.

“European markets will look to follow on from yesterday’s gains and take the momentum of this mini recovery into today’s session,” said James Hughes, chief market analyst at Alpari traders.

“Asian markets followed Europe and the US last night to post yet more gains. However we can’t say that we are totally out of the woods yet.”

European stock markets shot up on Tuesday after Chinese economic growth data boosted optimism over the global economic outlook. They were lifted also by rumours that the European Central Bank could step up its monetary stimulus, dealers said.

The idea, reportedly under discussion at the ECB but not yet decided on, comes as the central bank struggles to combat deflation pressures and shore up growth in the 18-nation eurozone.

Equities had been rocked by near panic last week as traders worried that the eurozone could return to recession.-AFP

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