European stocks are expected to open higher on Wednesday, tracking gains in the U.S. and Asia, buoyed by higher oil prices and better-than-expected China export data. Asia markets traded higher on Wednesday morning after a rise in oil prices powered gains in U.S. equities overnight and China trade data showed exports climbed in March. Chinese imports of iron ore also rose 6.5 percent in the first quarter of the year, according to Reuters, ahead of the release of official commodity import and export data for March. Mining stocks have been broadly positive during Asia hours, with Australia miners advancing on the back of higher base metal prices overnight. Shares of major miners Rio Tinto, Fortescue and BHP Billiton advanced between 2.7 and 4 percent.
Oil markets remain in focus for investors ahead of a closely-watched meeting on April 17 between OPEC and non-OPEC producers. Russia's Interfax news agency quoted a diplomatic source in Doha saying that Russia and Saudi Arabia reached a consensus on Tuesday about an output freeze and that the final decision will not depend on Iran, Reuters reported.
Expected Data for the euro area: CPI from France at 09:45 of Spain at 10:00; Industrial Production at 12:00.
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