European equities rise in early trading, FTSE up 0.4%

FXStreet (Mumbai) - The stock markets across Europe opened on a positive note, tracking the relief rally in oil. The mining-heavy London’s FTSE index advanced 0.4%.

The pan-European Euro Stoxx 50 index was largely unchanged. France’s CAC was up 0.20%, while Germany’s DAX was trading dead flat.

Germany’s Bayer AG fell 3% and France’s Airbus Groups was down 0.20%. The positive side included names like RWE AG ST, Total, and BA SF SE. UK’s Rio Tinto and Glencore were up 4% and 2% respectively.

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The GBP/USD pair stages a solid comeback this session, bringing an end to three consecutive days of declines, mirroring the recovery in oil prices.

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BoE will likely hold rates steady tomorrow; McCafferty likely be the lone hawk yet again

The Bank of England has held interest rates at record low of 0.5 per cent since March 2009. There is a lot of speculation in the market with respect to the timing of the rate hike. Bank Governor Mark Carney told lawmakers on that interest rates were likely to stay low for "some time". A Reuters poll showed economists are largely of the opinion that the first 25 basis point rise will come not earlier than April 2016. The low rates work in favour of borrowers but a blow to savers, who have been given to believe that rates will likely begin to rise at the beginning of 2016.

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