European stock markets opened higher on Wednesday, recouping losses seen the prior day, as banks and mining firms were on the rise. Investors awaited key events later in the week, including the European Central Bank’s rate decision on Thursday and the highly anticipated U.S. nonfarm-payrolls report on Friday.
The Stoxx Europe 600 index gained 0.6% to 323.68, recovering from a 0.2% loss on Tuesday, when a cut to the euro zone’s 2014 growth forecast hurt sentiment.
Among country-specific indexes, the U.K.’s FTSE 100 index rose 0.3% and France’s CAC 40 index jumped 0.8%. Germany’s DAX 30 index gained 0.5%.
Services EU PMI prints during October surprised investors, surpassing previous estimates although coming in lower than September’s readings.
UK data showed year-over-year UK Industrial Production rose by 2.2% in September, following a 1.5% drop in August. This is a more positive result that the forecasted 1.8% increase. UK Industrial Production grew by 0.9% between August and September, in comparison with the 1.1% decline registered between July and August and above expectations of a 0.5% rise.
On an annual basis UK Manufacturing Production grew by 0.8% in September, after decreasing 0.2% in August and slightly above expectations of a 0.7% rise. Between August and September UK Manufacturing Production rose 1.2%, following a 1.2% drop between July and August and exceeding market consensus of 1.1% growth.
Shares of ING Groep NV climbed 4% after the Dutch bank reported a rise in third-quarter underlying profit.
Vestas Wind Systems AS rallied 7.6% after the wind-turbine maker narrowed its loss in the third quarter.
Miners were also on the rise, tracking metals prices higher. Rio Tinto PLC gained 1.4%, and BHP Billiton PLC added 1.3%.
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