By Sarah Turner, MarketWatch
LONDON (MarketWatch) -- European shares moved higher on Wednesday as Greece took a step toward getting its debt-ravaged finances in order and on data showing the U.S. employment situation isn't getting much worse.
Adding to gains made over the last three sessions, the Stoxx Europe 600 index (ST:SXXP 251.57, +0.92, +0.37%) traded up 0.4% at 251.66, with metal producers in the lead.
Shares of BHP Billiton (UK:BLT 2,129, +10.50, +0.50%) (BHP 76.61, +0.94, +1.24%) rose 1.8% and Antofagasta (UK:ANTO 963.00, +29.50, +3.16%) climbed 3% as a broadly weaker dollar boosted metal futures.
The euro advanced against the dollar (CUR_EURUSD 1.3657, +0.0050, +0.3675%) , the spread between Greek government debt and German bunds narrowed, and the Greek ASE Composite index (XX:??? 2,022, +52.28, +2.65%) rose 0.4% to 2,030.29 as Greece said it would cut its budget and raise taxes in a move to save another 4.8 billion euros. Read story on Greek austerity measures.
David Page, economist at Investec Securities said that the move "is clearly designed to build confidence" that Greece can meet its targets so that the country will be able to refinance its debt at reasonable rates.
All the major European regional equity markets were higher, with the U.K. FTSE 100 index (UK:UKX 5,503, +18.93, +0.35%) trading up 0.3% at 5,498.32, the German DAX index (DX:DAX 5,797, +20.23, +0.35%) up 0.3% at 5,795.60 and the French CAC-40 index (FR:PX1 3,824, +12.02, +0.32%) up 0.3% at 3,822.77.
Asia shares ended mostly higher while U.S. stocks rose in early trading.
Private-sector firms in the U.S. eliminated 20,000 jobs in February, the ADP employment report showed. However, that was the fewest jobs lost since 22,000 jobs were added in January 2008.
The ADP jobs data come two days before February nonfarm payrolls data. Economists surveyed by MarketWatch are looking for payrolls to fall by 90,000. See story on ADP report.
Back in Europe and German sports apparel maker Adidas (DE:ADS 36.03, -2.20, -5.76%) declined 5.3% after its fourth-quarter profit decreased 64% to 19 million euros, missing analyst forecasts for a profit of 25 million euros.
Higher marketing expenses related to the 2010 FIFA World Cup as well as the support of Reebok's growth strategy in toning in North America, and write-downs on Reebok's distribution rights in China as well as on own-retail stores weighed on profitability. Read more on Adidas results.
The results from Adidas came as data out Wednesday showed eurozone consumers held back from spending in January, with retail trade volume for the region down 0.3%.
Still, Adecco (CH:ADEN 56.04, +1.29, +2.35%) shares were up 4.3% after the Zurich provider of human-resources services swung to a fourth-quarter profit of 42 million euros, compared with a loss of 22 million euros last year.
After what Chief Executive Patrick De Maeseneire called an "exceptionally tough" 2009, the company said that the "positive development of the revenue trend observed during the fourth quarter ... continued into the new year."
Emerging markets-focused bank Standard Chartered (UK:STAN 1,663, +72.50, +4.56%) shares rose 4.4% after the lender also said it has started the year well.
The bank made the comments as it reported a 4.7% rise in its 2009 net profit to $3.28 billion as it continued to grow its market share. Read more on Standard Chartered results.
NicOx (FR:COX 5.75, +0.46, +8.78%) shares jumped 8.4%. The French drug developer licensed the worldwide rights to NCX 116, a treatment for glaucoma and ocular hypertension, to Bausch & Lomb.
Bausch & Lomb will pay NicOx $10 million upfront plus milestone payments of as much as $169.5 million. NicOx is also eligible for tiered double-digit royalties on sales.
Solar stocks heated up. SolarWorld (DE:SWV 10.63, +1.28, +13.64%) shares were up 10% and Q-Cells (DE:QCE 7.36, +0.65, +9.76%) shares were up 7.8%.
German ministers agreed to a 16% subsidized rate cut for solar systems on roofs. They also backed a 15% cut for solar parks, less than the 25% first proposed, Bloomberg News reported.
