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European stocks rise ahead of ECB decision

2019-04-10 08:51 am | Resource: NEWS | No Views : 151

European stocks rise ahead of ECB decision

Major indexes in Europe were trading mostly in the Green Zone shortly after the opening bell on Wednesday.

Traders are waiting for the latest ECB rate decision scheduled for later today. Also, market observers are likely to watch the latest developments in Britain's exit from the EU, where EU leaders are scheduled to hold a special meeting of the European Council to determine whether the UK should be granted a flexible extension of Article 50 proposed by Donald Tusk after legislators gave the Prime Minister Green light for one request.

Industrial production in the UK rose 0.2% in February

UK production of industrial production rose by 0.2% in the quarter to February, compared to the previous three months, the National Bureau of Statistics said in a statement released on Wednesday. The increase is mainly attributable to increases in manufacturing, mining and quarrying. Manufacturing rose 0.4% in the quarter to February, driven by 2.5% growth in pharmaceuticals and 1.1% in food, beverages and tobacco.

Between January and February, production production rose by 0.6% with manufacturing as the largest contributor, by 0.9%. The monthly increase in the manufacturing sector boosted 11 sectors out of 13 sectors with a 1.6% increase in basic metals.

On an annualized basis, production production fell by 0.2% in the February quarter. The largest annual decline in electricity, gas and manufacturing was recorded, 3.2% and 0.6%, respectively.

The UK trade deficit widened by 5.5 billion pounds in February

The United Kingdom's trade deficit rose by 5.5 billion pounds in the three months to February, the National Bureau of Statistics said in a report released on Wednesday. The trade deficit widened by £ 6.5 billion, though partially offset by a trade surplus of £ 0.9 billion.

Excluding the most volatile commodities, the trade deficit totaled £ 2 billion during the same period. Not inflation, the figure rose 7.1 billion pounds to 12.7 billion pounds sterling. The total trade deficit expanded by 15.9 billion pounds on an annualized basis, with goods and services imports increasing more than exports.

The main contributors to the widening trade deficit were the increase in imports of non-specific commodities (including non-monetary gold), machinery and transport equipment and chemicals. In addition, the trade deficit widened by £ 1.3 billion with EU countries and £ 5.2 billion with countries outside the European Union.

On the data front, investors will look at fresh industrial production, trade balance and GDP in the UK.

European Stocks Open
  • The DAX rose 0.12% in the first moments of trading.
  • The French CAC 40 rose 0.14% shortly after the opening.
  • Meanwhile, the FTSE 100 was down 0.35% at the opening.

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