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European stocks climbed ahead the publication of Eurozone’s inflation report on Wednesday. Stock markets were supported by the better-than-expected earnings reports. Market participants were unimpressed by the worse-than expected Spanish unemployment rate and German CPI.
Spain’s unemployment rate rose to 25.9% in the first quarter from 25.7% in the fourth quarter of 2013. The fourth quarter figure was revised down from 26.0%. Analysts forecasted the fall to 25.6%.
German CPI decreased 0.2% in April (March: +0.3%). Analysts forecasted the decline of 0.1%.
Nordea Bank AB shares jumped 3.5% due to its revenue increased 4.7% in the first quarter.
Statoil ASA was up 4.5% after beating its earnings forecast.
Nokia Oyj climbed 2.6 percent after naming a new chief executive officer.
PSA Peugeot Citroen dropped 1.6%.
ABB Ltd. shares - the world’s largest maker of power transformers - declined 7.1% after reporting the 18% fall of its first-quarter net income.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,769.91 +69.75 +1.04%
DAX 9,584.12 +137.76 +1.46%CAC 40 4,497.68 +37.15 +0.83%
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