European shares trade after Wall Street rebound
European stocks are expected to open higher on Wednesday, tracking positive momentum in the U.S. on Tuesday.
London’s FTSE 100 is seen opening 13 points higher at 6,889, Germany’s DAX 4 points higher at 15,222, France’s CAC 40 up 7 points at 6,354 and Italy’s FTSE MIB up 35 points at 24,091, according to IG.
Upbeat sentiment in Europe comes after there was a major comeback on Wall Street on Tuesday, with stocks rebounding sharply from Monday’s sell-off. The Dow Jones Industrial Average surged 549.95 points to 34,511.99. The S&P 500 jumped 1.52% to 4,323.06 while the Nasdaq Composite advanced 1.57% to 14,498.88.
Those gains were a comeback from Monday’s losses, which saw the Dow plunging more than 700 points, triggered by concerns over global growth and the economic recovery as Covid cases rise.
U.S. stock futures were steady in overnight trading on Tuesday while stocks in Asia Pacific also rose in Wednesday trade. Japan’s exports rose 48.6% in June as compared with a year earlier, figures released Wednesday by the country’s Ministry of Finance showed. That was higher than a 46.2% increase expected by economists in a Reuters poll.
In Europe on Wednesday, earnings come from Daimler, SAP, Julius Baer and Novartis, while Royal Mail releases a trading update.
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– CNBC’s Maggie Fitzgerald and Eustance Huang contributed to this market report.