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Europe seen higher as markets eye Fed

CNBC CNBC 15/06/2016 Holly Ellyatt
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European stocks are expected to open higher on Wednesday as markets await the conclusion of a two-day meeting of the U.S. Federal Reserve.

The London FTSE (.FTSE) index is called to open 8 points higher at 5,931, the German DAX (.GDAXI) up 43 points at 9,562 and the French CAC (.FCHI) up 15 points at 4,145, according to IG.

European markets looked set to start the trading day on a steadier footing on Wednesday, ahead of the conclusion of the U.S. Federal Open Market Committee's (FOMC) policy meeting which began on Tuesday.

Expectations are for the bank to stand pat on interest rates following gloomy jobs data and rising concerns over a Brexit should the U.K. vote to leave the European Union (EU) in a referendum on June 23. The FOMC is expected to wind down its two-day meeting with a 2 p.m. ET (7pm London time) statement that sheds no light on the timing of its intended interest rate hike.

Meanwhile in Asia, the Bank of Japan (BOJ) is also scheduled to hold a two-day policy meeting starting on Wednesday. Chinese mainland markets rose Wednesday, shrugging off a decision by stock index provider MSCI on Tuesday to delay inclusion of mainland-traded Chinese A shares in its key emerging market index.

Most other Asian markets also reversed morning losses, despite continued jitters over the possibility the U.K. may opt to exit the EU as well as concerns over the outcomes of the Fed and BOJ meetings.

Earnings come from retailer Inditex and the U.K. unemployment rate for April is due.

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