Investing.com - European stock indices on Wednesday are traded above against the background of optimism regarding the global vaccination program will lead to a rapid economic recovery. Meanwhile, all attention switches to the annual Budget of Great Britain.
At 03:45 East Time (08:45 Greenwich) The DAX index in Germany was trading 0.9% higher, CAC 40 in France rose by 0.8%, and the FTSE index in the UK is 1.2%.
And although Europe has greatly suffered from Pandemic COVID-19, the confidence is growing in the fact that in the second half of the year there will be strong growth as the economy recovered in the region, even if many European countries slowly conduct vaccination programs.
The European Union by the end of 2021 intends to increase the production capacity of vaccines in the region to 2-3 billion doses per year, stated on Wednesday Commissioner of the Italian Industry Tierry Breton.
In the UK, the most deaths in Europe, and the restrictive measures introduced to combat the virus, last year led to a reduction in the country's 10%, based on the services, which became the strongest decline in three centuries.
Against this background, the Minister of Finance Rishi Sunaku was instructed to carry out that, according to the government, it would be a final stage of quarantine restrictions, avoiding any further damage for and so undermined government finances. He will declare his plans for how to do this, in a statement about the budget today later.
Business activity in China's services sector in February grew up the highest pace for ten months after another outbreak of coronavirus at the beginning of the year. But the economy of India grew up the fastest pace for the year.
The February Data Index Data (PMI) in the service sector for most of Europe is expected later during today's session, and it is also expected that it will decrease with quarantine restrictions currently operating on the entire continent.
As for corporate news, the STELLANTIS shares (NYSE: STLA) rose by 2% after the automaker formed in January as a result of the Fiat Chrysler merge and PSA Group, said that this year aims at profitability in The amount is 5.5-7.5%.
Shares of the British Insurance Company HisCox (LON: HSX) collapsed by more than 12%, since it suffered huge losses in 2020 and continues to hold dividends.
Oil prices on Wednesday rose, despite the sharp increase in stocks in the United States against the background of cautious optimism about the resumption of demand in the increase in global vaccination programs.
On Thursday, the organization of oil exporters and its allies (OPEC +) will be gather together to discuss global supplies. The market expects that they will increase production by approximately 1.5 million barrels per day, given the recent increase in prices and, in general, the positive forecast of the situation in the oil market.
The official data of the US energy information (EIA) will be presented later during the session.
Futures for American wet oil WTI rose 0.2% to $ 59.84 per barrel, while the international reference contract for Brent rose by 0.1% to $ 62.78.
Gold futures fell 0.4% to $ 1726.45 per ounce, while EUR / USD fell by 0.1% to 1,2083.
Author Peter Nerst
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