European stocks gained after better-than-expected trade data in
China and easy money comments on Tuesday from Federal Reserve
Chairman Janet Yellen.
Yellen said the Fed would stick to its easy money policy for
Meanwhile, Chinese rade numbers for January showed exports rose
10.6% compared with a year earlier, far exceeding economists'
Around the region, the Bank of England raised its forecast for
U.K. growth in 2014 to 3.4% from a previous projection of 2.8%. It
also said the U.K. unemployment rate has fallen much faster than
expected and the 7% threshold is likely to be reached by the spring
of this year. Bank of England Governor Mark Carney, however,
indicated in a press conference that rates will stay low until
2015. Before adjusting interest rates, the bank will consider a
broad range of indicators, including the unemployment rate,
business surveys and the number of hours worked, he said.
France's current account deficit fell to EUR1.2 billion in
December from EUR1.9 billion in November as the services surplus
rose to EUR4.2 billion from EUR3.4 billion.
In ADR news, ING (
) posted Q4 net income of 539 million euros ($735 million),
exceeding the 254 million-euro average projection of analysts
surveyed by Bloomberg News. Earnings at ING Bank more than
) Chairman Risto Siilasmaa aid the Finnish company is yet to
resolve a tax issue with the Indian government that has clouded a
$7 billion deal with Microsoft (
) to sell its devices business. The tax issue has delayed the
transfer of NOK's Indian factory to MSFT, which is integral to a
larger global deal. The two companies need to close the transfer
within 45 days, but the factory's handover is stuck in a tax
dispute between the Helsinki-based company and New Delhi.
The FTSE-100 was last up 0.04% at 6,675.03, the DAX up 0.65% at
9,540 and the CAC-40 up 0.52% at 4,305.50.