LONDON: European stocks pulled out a win Wednesday, aided by gains for energy shares ahead of a U.S. Federal Reserve statement that may signal policy makers will soon begin raising interest rates.
The Stoxx Europe 600 SXXP, +0.33% rose 0.3% to 398.58, topped by more than 1% rise for oil and gas group SXEP, +1.30% .
Support for the pan-European index came in part from U.K. stocks, which surged following a budget outline by the U.K.’s coalition government. Energy shares climbed after Chancellor of the Exchequer George Osborne discussed investment and tax cuts for the North Sea oil industry, which has been hurt by the slide in OIL PRICES
. British oil majors Royal Dutch Shell PLC RDSB, +2.39% RDS.B, +3.55% and BP PLC BP., +2.39% BP, +4.05% each bounced up 2.4%, and BG Group PLC BG., +0.95% turned higher by 1%.
The U.K.’s FTSE 100 UKX, +1.57% ended up 1.6% at 6,945.20.
But Germany’s DAX 30 DAX, -0.48% remained in the red, falling 0.5% to 11,922.77, giving back a portion of recent gains that have left the benchmark up 21% this year. France’s CAC 40 PX1, +0.09% edged up 5,033.42.
European stocks were lower for much of the session as investors prepared to watch what the Federal Reserve and Chairwoman Janet Yellen will say about the future of interest rates for the world’s largest economy. Almost all Fed watchers think the statement, due after European trading closed, will lay the groundwork for a rate hike, likely in June or September.
