European stocks advanced on Wednesday as investor confidence was bolstered by news China’s brokerages have pledged to buy stocks to support faltering stock market. The euro weakened against the dollar. The Stoxx Europe 600 rose 0.3%, as well as Germany’s DAX 30 and France’s CAC 40. Today European Central Bank is expected to provide an assessment of euro-zone economy as it meets for interest rate decision. Investors expect the ECB will extend its bond buying program. Today the final readings of euro-zone services PMI came in stronger than previously estimated. At 10:00 CET euro-zone retail sales for July will be released. The tentative outlook is positive. At 12:45 CET European Central Bank interest rate decision will be released, and ECB press conference will start at 19:30 CET. Tomorrow at 7:00 CET July factory orders will be released in Germany. The tentative outlook is negative. At 10:300 CET August services PMI will be released in UK. The tentative outlook is positive.
Nikkei rebounded 0.5% today as bargain hunting propelled stocks higher. Market sentiment was supported also by PMI report that came in stronger than expected showing services sector in Japan expanded at fastest pace in almost two years in August.
Oil prices are edging lower today after the US Energy Information Administration reported an increase of 4.7 million barrels in crude supplies.
Gold is extending losses after dollar is strengthening following positive economic reports on Wednesday and Chinese markets are closed on Thursday and Friday for public holidays.
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