European Shares Rose Ahead of FOMC Decision, Strong European Data


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European stocks gained as investors awaited the outcome of the Federal Open Market Committee meeting.

After a string of strong data, some economists expect the FOMC to announce a slight tapering of its bond-buying program.

Around the region, the UK unemployment rate fell unexpectedly to 7.4% in October, moving closer to the level that the Bank of England said it will consider raising interest rates, indicating the central bank may begin that process sooner than they currently anticipate.

The Bank of England voted unanimously at its last meeting to keep rates unchanged. It also warned that a very strong pound could hurt the economy.

The Ifo institute's German business confidence index climbed to 109.5 from 109.3 in November, hitting its highest level since April 2012 and matching economists' forecasts.

In ADR news, BP PLC ( BP ) said it would write off more than $1 billion in costs related to an unsuccessful Brazilian well, but it also said it made a large oil discovery in the deep water Gulf of Mexico.

The FTSE-100 was last up 0.09% at 6,492.08, the DAX up 1.06% at 9,181.75 and the CAC-40 up 1% at 4,109.51.

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This article appears in: Investing , Commodities

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