By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets climbed on
Wednesday, ahead of U.S. Federal Reserve Chairman Ben Bernanke's
semiannual testimony, with investors looking for hints on when the
central bank will start tapering its bond purchases.
The Stoxx Europe 600 index added 0.2% to 295.90, after losing
0.7% on Tuesday.
Shares of BHP Billiton PLC (BHP) picked up 2% after the mining
giant said iron-ore production hit a record high in its past
financial year.
Semiconductor-equipment maker ASML Holding NV (ASMLD) rose 1%
after raising its full-year sales outlook.
Shares of French cosmetics group L'Oréal SA gave up 2.8% after
the firm reported a slowdown in market growth in the first half of
the year.
More broadly, Fed head Ben Bernanke was in the spotlight ahead
testifying before lawmakers at 3 p.m., or 10 a.m. Eastern Time. In
a new approach to these appearances, his prepared remarks will come
out at 8:30 a.m. Eastern.
Since the chairman in late May started talking about the
prospect of tapering the central bank's asset purchases, markets
have been closely scrutinizing hints of when a reduction may set
in.
"Our guess is that he will try to pull off the trick of
continuing to prepare the groundwork for tapering, but try to give
bond markets something to help them fight off the pressure of
higher yields," analysts at Deutsche Bank said in a note.
U.S. stock futures pointed to a mixed open on Wall Street.
Back in Europe, the U.K.'s FTSE 100 index posted one of the
biggest country-specific gains, buoyed by miners after BHP's
production update. The index traded 0.5% higher at 6,590.69.
Shares of Rio Tinto PLC (RIO) climbed 1.7% and Anglo American
PLC added 0.5%.
Shares of Unilever PLC (UL) lost 1.4% in London after Credit
Suisse cut the consumer-goods firm to underperform from
neutral.
France's CAC 40 index put on 0.4% to 3,865.27 and Germany's DAX
30 index traded 0.3% higher at 8,221.47.
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