European Stocks Higher On Wednesday Following Mixed Economic Reports

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By Jacob Maslow

European stocks are mostly higher on Wednesday. Several indexes have experienced increases following mixed economic reports. The United States Federal Reserve is expected to increase interest rates later in the day, and the market has suffered as a result.

Euro Stoxx 50 fell 0.23% and Germany’s DAX 30 is down 0.16%. France’s CAC 40 is up 0.3% following an early trading decline of 0.03%.

German manufacturing inched up from 52.9 in November to 53.0 in December. Germany’s Services PMI is down to 55.4, which is slightly below analyst expectations of 55.5. France’s Services PMI missed expectations of 50.8, and is currently at 50.0. In the month of November, France’s Services PMI was 51.0.

France’s manufacturing PMI increased to a 21-month high, hitting 51.6 in December. This beats analyst expectations of 50.5.

Investors are eagerly awaiting the United States Central Bank’s decision on whether to raise interest rates. It is expected that a rate increase will occur, and analysts are unsure of the pace of further increases in the future.

France’s financial stocks were up on the day, with BNP Paribas (EPA:BNP) up 0.13%, and Societe Generale (EPA:GLE) up 1.42%. Italy’s Intesa Sanpaolo (BIT:ISP) and Unicredit (BIT:UCG) both retreated 0.48% and 0.34% respectively.

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