European markets start higher, waiting for Fed

Wednesday, 16. March 2016 09:34

Stock markets in Europe opened mostly higher on Wednesday ahead of the much anticipated conclusion of the two-day monetary policy meeting of the U.S. Federal Reserve. Automotive sector was the early advancer after the European car industry report showed cars sales advanced 14.3% in the European Union in the year ending in February.

The German DAX index opened 0.41% higher at 9,971 points. Daimler AG added 1.35%, Volkswagen AG rose 1.99%, Daimler sped up 1.79% and the BMW climbed 1.27%. Shares of Deutsche Börse rose 0.30% after announcement of the merger with the London Stock Exchange. Fresenius medical care group was losing 0.30% by 9:28 a.m. CET.

In Paris, the CAC 40 index opened up 0.35%, and advanced in the first 30 minutes, adding 0.53% to 4,496 points. Car makers were leading advancers: Renault rose 2.05% and Peugeot added 1.68%. Nokia lost 0.16%, while Vinci construction group slipped 0.17%.

The FTSE 100 rose 0.37% to 6,162 points, with mining sector leading the winners: Anglo American rose 3.50%, while BP added 2.32%. Pharmaceutical companies were on the losing side: Hikma plunged 6.68%, and Astra Zeneca and GSK followed.

In Zurich, the Swiss Market Index opened just 0.03% higher at 7,962 points, giving the mixed picture across the sectors. Transocean added 4.21%, and CS Group lost 3.80%.

The Austrian ATX index opened up 0.12%, rising 0.60% to 2,312 points, pulled up by strong performers in financial and banking sector: Raiffeisen added 2.08%, while Uniqa rose 1.51%. Telekom Austria was losing 0.68% at 9:28 a.m. CET.

The Dutch AEX rose 0.69%, the OMX Copenhagen inched up 0.02%, while the OMX Stockholm advanced 0.55% in the first half hour of trading day.

The euro strengthened 0.12% against the U.K. sterling, added 0.01% versus the Swiss franc and lost 0.20% compared to the U.S. dollar by 9:37 a.m. CET.

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Author:
Baha Breaking News (BBN) / ZR