European equities mixed on Yellen testimony and as Greece jitters subside
European equities were mixed in morning trade on Wednesday, as markets awaited a second day of Yellen's testimony and as Greek concerns ease.
The pan-European Euro Stoxx 600 Index was flat as major bourses pointed in different directions. Banking stocks fell into negative territory with Danske Bank shares falling 2 percent at the open. This came as shipping giant Moller-Maersk said it would sell off its 20 percent stake in the Danish lender.
Moller-Maersk shares, meanwhile, climbed 6 percent at the open as it posted a rise in net profit to $5.2 billion for last year, from a figure of $3.8 billion the year before.
At 0806 GMT, the FTSEurofirst 300 index of top European shares was down 0.02 percent at 1,543.04 points.
AXA rose 3.9 percent after Europe's second-biggest insurer posted a 12 percent increase in 2014 net profit, Reuters reports.
As of Greek reforms, there had been concerns that the country could be on a collision course with its international lenders but Athens presented Tuesday a list of reforms that have met the approval of its creditors and euro zone neighbors. The approval means that Greece has secured a four-month extension to its bailout program that was due to end in a matter of days. However, the International Monetary Fund and European Central Bank who oversee the country's bailout said the reform plans needed greater clarity.
In the meantime, market players will also keep an eye on U.S. Federal Reserve Chair Janet Yellen's testimony before Congress that concludes Wednesday. The key headline for many out of Yellen's remarks on Tuesday
was the dismissal of a rate hike for "at least the next couple of FOMC
meetings."
Later Wednesday, Yellen will address the House Financial Services Committee.
