European stocks rebounded Wednesday, lifted by some upbeat
corporate news, with investors awaiting a U.S. Federal Reserve
statement for clues on the likely timing of a rise in interest
rates.
The Stoxx Europe 600 index was 0.3% higher in early trading,
steadying after Tuesday's 1% decline amid worries about Greek
politics and some disappointing earnings news.
Those losses had spread to the U.S., but a blockbuster earnings
report from Apple after the U.S. close helped to soothe nerves.
Technology shares in Europe felt the benefit of Apple's
record-breaking quarter, rising more than 1%. Chip supplier ARM
Holdings PLC was among the top risers on the Stoxx 600. Electrolux
AB and Nordea Bank AB also surged after well-received quarterly
reports.
Greek shares remained under pressure with investors continuing
to fret about a showdown between the new government and its
creditors. Athens's main stock index fell by 0.8%. Greek government
bonds continued to weaken, with the 10-year bond yield climbing
slightly to 9.66%. Yields rise as prices fall.
In currency markets, the euro slipped 0.1% against the dollar to
$1.1354. The currency had recovered from 11-year lows on Tuesday
amid broad weakness for the buck.
After some patchy economic data, "markets seem wary that
Wednesday's [Fed] statement could bring a dovish shift in message,"
said currency strategists at BNP Paribas. Still, the Fed is likely
to provide a renewed boost for the dollar by sticking to its
message that rates will rise this year, they said.
In commodities markets, Brent crude oil was down 1.3% at $48.98
a barrel, and gold was 0.3% lower at $1,287.60 an ounce.
Write to Tommy Stubbington at tommy.stubbington@wsj.com
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