Banks lead Europe shares higher, oil up before Yellen
- 8 years ago
European stocks rose on Wednesday, rallying after losses in Asia, as concerns about the health of banks that have hammered shares globally in recent days eased and oil prices recovered from Tuesday's steep falls.
The more upbeat tone looked set to spill over into U.S. trade, with index futures suggesting a positive open on Wall Street, and took the shine off safer assets such as low-risk government debt and gold.
Investors and traders awaited Congressional testimony from Federal Reserve Chair Janet Yellen for clues to the outlook for monetary policy.
Sharp falls in global stocks and weak U.S. economic data have led markets to slash expectations for the pace and extent of Fed interest rate rises to follow December's first hike in nearly a decade.
Germany's flagship lender, whose shares have fallen almost 40 percent this year, rose more than 13 percent.
The more upbeat tone looked set to spill over into U.S. trade, with index futures suggesting a positive open on Wall Street, and took the shine off safer assets such as low-risk government debt and gold.
Investors and traders awaited Congressional testimony from Federal Reserve Chair Janet Yellen for clues to the outlook for monetary policy.
Sharp falls in global stocks and weak U.S. economic data have led markets to slash expectations for the pace and extent of Fed interest rate rises to follow December's first hike in nearly a decade.
Germany's flagship lender, whose shares have fallen almost 40 percent this year, rose more than 13 percent.