European Stocks Higher; Deutsche Bank Leads Banking Sector Higher By Investing.com – Investing.com

European Stocks Higher; Deutsche Bank Leads Banking Sector Higher By Investing.com – Investing.com

© Reuters.

By Peter Nurse 

Investing.com - European stock markets edged higher Wednesday, helped by positive corporate earnings, particularly in the banking sector, ahead of the conclusion of the latest Federal Reserve meeting. 

At 3:40 AM ET (0840 GMT), the in Germany traded 0.5% higher, the in France rose 0.4% and the U.K.'s climbed 0.4%.

A number of blue-chip European companies released quarterly earnings Wednesday, with the results being generally positive.

Deutsche Bank (DE:) stock soared over 6% after the German banking institution posted its best quarterly profit since the first quarter of 2014, as strength at the investment bank helped offset the headwinds of an ongoing restructuring program and the coronavirus pandemic.

Lloyds (LON:) stock climbed 4% and the U.K. bank also reported a strong quarterly result, with profit after tax of 1.4 billion pounds ($1.9 billion), supported by the release of expected credit loss provisions, given the improved economic outlook.

Santander (MC:) stock fell 0.2%, suffering from profit taking after earlier climbing to a 52-week high, after the Spanish bank said its net profit in the first quarter jumped almost five times as it didn't book Covid-19 related provisions like a year