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European stocks are flat in early trading on Wednesday after rallying yesterday after Fed Chair Janet Yellen's speech. Yellen testified before the Senate Banking Committee in Washington on Tuesday. She said it is unlikely that the Fed will raise its interest rate in "the next couple of FOMC meetings" as wage growth remains too low even as the job market improves. The Fed Chair noted that the central bank will change the wording of the policy statement when it will raise its interest rate and that the FED will not rush into raising interest rates.
Yesterday markets were supported after Eurozone's finance ministers approved the four-month bailout extension and accepted the list of reforms proposed by the Greek government including taxation, public spending and a reform of the pension system.
Today financials and the energy sector declined.
The FTSE 100 index is currently trading -0.02% quoted at 6,94805 points. Germany's DAX 30 is trading flat at 11,206 points. France's CAC 40 lost -0.02%, currently trading at 4,885.33 points.
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