Europe midday: Stocks find their footing but euro area periphery debt under pressure
Stocks on the Continent were exhibiting a modicum of stability on Wednesday, helped by news of further economic relief measures on the other side of the Pond even as investors waited on a meeting of European Union leaders the next day to decide on a package of stimulus measures for the euro area.
Overnight, the US Senate approved a $484bn stimulus package to support payrolls and healthcare services and the White House announced that it would pursue a fourth coronavirus bill with relief measures aimed at local and state governments alongside infrastructure investment.
IG senior market analyst Josh Mahony said that financial markets were not willing to second guess the US President's "willingness to ramp up debt in the name of economic growth".
Against that backdrop, as of 1230 GMT the benchmark Stoxx 600 was 1.23% to 328.31, alongside a rise of 1.11% for the German Dax to reach 10,361.22 while the FTSE Mibtel was higher by 1.38% at 16,679.86.
Brent crude oil futures were stable alongside, adding 0.31% to $19.39 a barrel on the ICE, despite another near 4% drop for similarly-dated West Texas Intermediate to $11.16.
Also on Tuesday night, the Texas Railroad Commission, that state's energy sector regulator, postponed a decision on whether to order a curb in oil output in the State until 5 May, pending the attorney general's decision about the legality of such a move.
Italian 10-year government bond yields were climbing again by nine basis points to 2.25%, surpassing the 2.17% high of 18 March when the European Central Bank unveiled its new bond buying programme.
That was on top of a sharp move higher as Italy announced a further €50bn stimulus programme, sold government debt and after Reuters reported that its premier, Giuseppe Conte did not expect EU leaders to be able to agree on a final solution to address the current economic crisis.