European stocks advanced on Wednesday as investors await the outcome of the U.S. Federal Reserve's latest policy meeting and economic forecasts.
The pan-European Stoxx 600 climbed 0.9% at the start of trading, with banks adding 2% to lead gains as all sectors and major bourses entered positive territory.
Global markets on Wednesday will be focused on the Fed's latest policy meeting. U.S. stock futures rose slightly in overnight trading as investors await clarity on the state of the economy from the Fed.
The central bank's two-day meeting concludes Wednesday with the release of a policy statement and the quarterly summary of economic projections, then Chairman Jerome Powell's news conference at 2:30 pm EST.
The Fed is not expected to make any major policy changes, with its benchmark rate near zero and the asset purchasing programs continuing. However, investors will be watching for hints on how long its current policy will remain in place, and for its forecast for the economy and interest rates, its first since late last year.
Meanwhile, stocks in Asia Pacific edged mostly higher in Wednesday morning trade, as Chinese inflation data for May missed expectations.
Its producer price index for May fell 3.7% from a year earlier, according to China's National Bureau of Statistics. That was a larger decline that the 3.3% fall expected by analysts in a Reuters poll. Meanwhile, its consumer price index rose 2.4% year on year in May, less than a 2.7% increase estimated by economists in a Reuters poll.
In Europe, Inditex on Wednesday morning reported a net income loss of 409 million euros between February and April, including a 308 million euro provision for its store optimization program. The world's largest fashion group said it had been "materially" impacted by the coronavirus pandemic, but online sales rose 50% across the period.
The OECD is set to release its latest economic outlook later on Wednesday. There are no major data releases.
In terms of individual share price action, CHR Hansen climbed 5.2% in early trade after the Danish food ingredients company acquired UAS Laboratories on Tuesday, while Airbus added 4.6%.
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June 10, 2020 at 02:21PM
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European markets rise as investors wait to hear from Fed - CNBC
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