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European stocks rise after Spain GDP, eyes on Fed; Dax up 0.23%

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Investing.com - " European stocks were higher on Wednesday, after the release of positive Spanish economic growth data and as investors eyed the Federal Reserve's upcoming policy statement later in the day.

During European morning trade, the EURO STOXX 50 rose 0.33%, France's CAC 40 gained 0.39%, while Germany's DAX 30 added 0.23%.

Official data showed that Spain's gross domestic product rose 0.1% in the third quarter, in line with expectations, after a 0.1% decline in the three months to June.

Separately, markets seemed to have already priced in expectations that the Fed will make no changes to its USD85 billion-a-month asset purchase program on Wednesday.

Many investors expect the Fed to maintain its stimulus program well into the first quarter of next year, in order to safeguard the fragile economic recovery in the wake of this month's 16-day government shutdown.

Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale rose 0.24% and 0.26%, while Germany's Deutsche Bank declined 0.80%.

Among peripheral lenders, Spanish bank BBVA dipped 0.01%, while Italy's Intesa Sanpaolo and Unicredit gained 0.55% and 1.42% respectively.

Elsewhere, Eni SpA surged 3.37% after quarterly net income beat projections.

Adding to gains, TomTom NV jumped 5.08% after the Holland-based maker of navigation systems raised its earnings forecast for 2013.

On the downside, French drugmaker Sanofi slid 0.33% after saying that profit will probably drop 10% this year.

In London, FTSE 100 gained 0.42%, supported by gains in the financial sector.

Shares in HSBC Holdings climbed 0.51% and the Royal Bank of Scotland rallied 1.46%, while Lloyds Banking and Barclays surged 2.60% and 3.09% respectively.

Meanwhile, mining stocks were mixed. Glencore Xstrata advanced 0.72% and Rio Tinto gained 0.77%, while Randgold Resources edged down 0.08% and Fresnillo retreated 0.93%.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.26% increase, S&P 500 futures signaled a 0.21% rise, while the Nasdaq 100 futures indicated a 0.35% gain.

Later in the day, the U.S. was to release the ADP report on nonfarm payrolls and official data on consumer price inflation.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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