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TheStreet Open House

The Deal: European, Asian Stocks Rise on Yellen Remarks

LONDON (The Deal) -- European and Asian stock indices rose after investors decided that comments from incoming Federal Reserve Chair Janet Yellen meant the world's most powerful central bank was unlikely to pare its bond-buying program anytime soon.

Meanwhile, the economic outlook across major world economies appeared to worsen. On mainland Europe, data showed the French and Italian economies both contracted in the third quarter while in Germany, the continent's leading economy, the pace of growth slowed. And in Japan, news of a halving of GDP growth in the third quarter raised questions over the effectiveness of Abenomics and bolstered the case for monetary and fiscal adrenalin shots.

In Frankfurt, the DAX was up 0.85% at 9,131.97. But German utility RWE fell sharply after warning that lower energy prices would mean profit halves next year. It took with it peer E.ON, which on Wednesday had warned that 2013 profit would be at the lower end of estimates after posting declining nine-month sales and profit. Both companies are reinventing themselves through sweeping restructurings after the German government abruptly called time on nuclear power generation after the Fukushima disaster in Japan in 2011.

In Paris, the CAC 40 was up 0.86% to 4,276.20 and in the U.K. the FTSE gained 0.83% to 6,685.23.

Eurozone GDP figures showed a 0.4% third-quarter year-on-year contraction and a 0.1% rise from the second quarter.

In Asia, indices were largely in the black, with the Hang Seng in Hong Kong closing up 0.82% at 22,649.15 and the Nikkei 225 in Tokyo surging 2.12% to 14,876.41 as the yen fell sharply.

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