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ArabicInvesting.com - European stock markets edged higher Wednesday, as investors continue to look for more certainty over trade tariffs as well as the U.K. financial outlook.
At 04:02 ET (08:02 GMT), the DAX index in Germany climbed 0.4%, the CAC 40 in France gained 0.2% and the FTSE 100 in the UK rose 0.4%.
Relief rally continues
European equity indices have continued to benefit from the recent relief rally in global stocks, built on optimism for a softer, more flexible stance from U.S. President Donald Trump with regard to potential U.S. tariffs.
However, a great deal of uncertainty remains as the tariff deadline of April 2 draws nearer.
Trump said in a Tuesday evening interview with Newsmax that he was seeking limited exceptions in his plans to impose more trade tariffs, but added that he did not “want to have too many exceptions.”
U.K. Spring Statement due
Back in Europe, the U.K. will be in the spotlight, with Chancellor Rachel Reeves set to deliver her latest fiscal update to parliament later in the session.
Reeves is expected to announce further cuts to welfare benefits and government departments in her Spring Statement, as she attempts to close a budget shortfall caused by a rise in borrowing costs since her first fiscal plan released late last year.
The chancellor is also expected to announce an additional £2.2 billion pounds for defence spending as the major European countries scramble to boost regional security.
Reeves received something of a boost earlier Wednesday, after data showed that U.K. inflation cooled in February, with the country’s CPI falling to 2.8% on an annual basis, from 3.0% the prior month.
Vistry suffers drop in FY profits
In the corporate sector, British home construction company Vistry Group (LON: VTYV ) reported a sharp drop in its full-year profits.
Wacker Neuson (ETR: WACGn ) reported a sharp fall in 2024 revenue, as weak demand in the construction and agricultural sectors, combined with high dealer inventories, weighed on the German manufacturer of construction equipment’s performance.
Crude prices at three-week high
Oil prices climbed higher Wednesday, continuing to rise on supply concerns as well as a bigger-than-expected drop in U.S. crude inventories.
At 04:02 ET, Brent crude futures rose 0.2% to $72.54 a barrel, and U.S. West Texas Intermediate crude climbed 0.2% to $69.16 a barrel.
Both benchmarks hit their highest in three weeks in the previous session, boosted by renewed efforts from the U.S. to limit Venezuelan and Iranian oil exports.
Also helping the tone was the news from the American Petroleum Institute that showed U.S. crude inventories fell by 4.6 million barrels last week, a bigger drop than expected.
Official U.S. government data on crude inventories, from the Energy Information Administration , are due later in the session, and if the API report is concerned it could signal a healthy demand for fuel in the world’s largest economy.