European stocks ex-London advance ahead of US GDP

The stocks on the European bourses opened on a weaker footing, tracking the overnight Wall Street retreat. However, the indices quickly regained ground and turned positive as risk sentiment improved amid renewed optimism that the proposed OPEC output cut deal will be reached at the OPEC meeting tomorrow, after the GCC said that OPEC members are working together to reach the Algiers accord.

Moreover, markets appear to have moved past worries over the Italian referendum and its implications on the banking sector, as latest dovish comments from the ECH president Draghi continue to cheer investors’ sentiment.

ECB Draghi said in his speech yesterday that the bank “will assess the various options that would allow the governing council to preserve the very substantial degree of monetary accommodation necessary" to raise inflation toward the bank's goal of just under 2%.

Meanwhile, Germany's DAX 30 index rises +0.32% to 10,615 levels, while the UK's FTSE 100 index drops -0.31% to 6,778. Among the other indices, the French CAC 40 index jumps +0.84% to 4,550 while the pan-European Euro Stoxx 50 index advances +0.74% to now trade around 3,040 points.

All eyes now remain on the US GDP numbers for fresh cues on the broader market sentiment.