European shares advanced on Wednesday led by corporate earnings, although gains were limited by weak oil and metal prices, while investors awaited Federal Reserve Chair Jerome Powell’s second day of testimony for more clues on interest rates.
The dollar traded in a tight range Wednesday in the wake of Powell’s initial testimony before Congress, with the Fed chair flagging the recent labor market cooling as an increasingly important factor in deciding when the U.S. central bank will start cutting interest rates.
Oil and gas companies restarted some operations on Tuesday. Some ports reopened and most producers and facilities were ramping up output, although some facilities sustained damage and power had not been fully restored yet.
Bitcoin price rose on Wednesday, recovering further from recent losses as bargain hunters took advantage of recent price declines, although sentiment remained negative in the face of increased supply due to Mt Gox and the German government.
Airline group IAG saw its share price surge Wednesday, climbing more than 3% after Morgan Stanley double-upgraded the stock to Overweight from Underweight, raising the price target to €2.80 from €2.10.
