Stocks rally 2.3% with all eyes on Yellen – CNBC

On Tuesday, European stocks closed sharply lower as investors remained pessimistic on global economic growth prospects. The banking sector in Europe was also in focus, with the sector closing 4 percent lower.

Germany’s Deutsche Bank was particularly badly hit, closing down 4 percent, as investors worried about its exposure to the energy market as well as a possible cash crunch. On Tuesday evening the Financial Times reported that Deutsche was considering buying back several billion euros of its debt in an attempt to shore up the tumbling value of its securities. The stock rebounded on Wednesday on the news with shares trading over 16 percent higher.

The banking sector overall bounced back on Wednesday and was one of the best performers in early trade with several Italian banks – which have been under pressure in recent days – in positive territory.

Meanwhile, oil markets are also in focus on Wednesday after prices rose sharply in Asia trade overnight, with some support coming from reports Iran was willing to negotiate with fellow OPEC member Saudi Arabia over oil market conditions. Both brent and WTI were trading higher.

Overnight in Asia, trade remained volatile, with sell-offs in Japan, Singapore and Australia.

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Stocks rally 2.3% with all eyes on Yellen – CNBC

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