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European Shares Hold Steady As Miners Rally

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European shares held steady on Wednesday as the euro retreated and better-than-expected Chinese industrial output data helped lift resource stocks.

The pan-European Stoxx Europe 600 index was up 0.1 percent at 375.84 in opening deals after losing 1 percent in the previous session.

The German DAX was marginally higher, France's CAC 40 index was up about 0.1 percent and the U.K.'s FTSE 100 was rising 0.3 percent.

Anglo American, Antofagasta and Glencore rose over 2 percent after a government report showed China's industrial output climbed 7.2 percent in the January to February period from a year ago, faster than the 6.2 percent rise in December.

German sports shoes, clothing and accessories giant Adidas soared 8.5 percent after announcing a multi-year share buyback program of up to 3.0 billion euros.

Software AG dropped over 1 percent after it decided to redeem 2.40 million treasury shares.

Chemical firm SGL Group climbed 6.5 percent after narrowing its Group 2017 loss from continuing operations.

British infrastructure group Balfour Beatty advanced 2 percent on reporting a big jump in annual profit.

Prudential jumped 6 percent. The U.K.'s biggest insurer said it would spin itself into two as part of a radical break-up.

Hikma Pharma added 12 percent. The generic pharmaceutical company lifted annual dividend after reporting fiscal 2017 loss of $843 million, primarily reflecting the impairment of West-Ward Columbus' intangible assets of $920 million and property plant and equipment of $164 million.

On a light day on the economic front, final data from Destatis showed that German consumer price inflation eased to 1.4 percent in February from 1.6 percent in January. This was the third consecutive decrease and the lowest since November 2016.

by RTTNews Staff Writer

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