European markets rose modestly after a slow session on Tuesday.
The Stoxx 600 index was slightly higher, up 0.26% in the afternoon. Mining stocks advanced, up 2.6%, while utilities declined 1.26%.
Euronext, the European stock market operator, was among the best performers, gaining 6% after it announced that the company had agreed to a €5.4bn deal for investment platform Allfunds.
Economic data remains at the forefront after statistics released on Tuesday showed that 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.
German inflation figures will be released ahead of Eurozone inflation estimates on Thursday.
In 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 the growth seen in January.
In Spain, the manufacturing PMI showed moderate expansion; the decline in new orders slowed, and factory output increased.
Italy also experienced an increase, with a significant increase in production and an expansion in new orders.
Wall Street Set to Rebound After Choppy February Trade and Fed Rate Hikes
US stock futures rose as Wall Street looked set to bounce back from last month’s choppy trade.
Futures tied to the S&P 500 rose 0.4%, while Dow Jones Industrial Average futures rose 0.3%. Contracts on the tech-heavy Nasdaq Composite rose 0.5%.
The benchmark 10-year US Treasury yield rose to 3.93% on Wednesday morning. Crude oil traded lower, with the US benchmark WTI falling to $76.30 a barrel.
Wall Street is waiting for manufacturing data on Wednesday morning, clearly showing the impact of monetary policy tightening.
Stocks fell on Tuesday, ending a volatile month of February on Wall Street. The late February rebalancing caused some volatility in stocks and strength in bonds Tuesday afternoon. In addition, Goldman Sachs’ investor day featured a 3.9% share selloff as the bank considers various sources for its struggling consumer platforms business.
Since last year, the Fed has raised rates sharply to reduce inflation, but inflation remains stable.
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