Europe open: Stocks continue advance, Basic Resources bounce back

European markets have started the morning higher despite a relative dearth of fresh economic or geopolitical news.

As of 0817 BST, the benchmark Stoxx 600 was higher by 0.48% or 1.82 points to 378.32, alongside an advance of 0.68% or 83.28 points in German Dax to 12,261.78.

In parallel, Milan's FTSE Mibtel was ahead by 0.76% or 162.79 points at 21,884.72.

Meanwhile, euro/dollar was ahead by 0.16% to 1.1754.

Front month Brent crude oil futures were also gaining altitude, rising 0.86% to $51.24 per barrel after the American Petroleum Institute reportedly revealed a 9.16m barrel stockdraw for last week.

To take note of, the Stoxx 600's gauge of Basic Resource companies' shares was pacing gains with an advance of 1.27% to 410.17 despite a Bloomberg report that hedge fund manager Crispin Odey was 'shorting' metal stocks in anticipation of slower economic growth in China.

On the economic calendar for Wednesday, second quarter euro area GDP data was expected from Eurostat at 1000 BST, followed by June employment figures from ONS at 0930 BST.

To take note of, the possibility existed that Eurostat might mark down its preliminary reading of quarter-on-quarter growth of 0.6% to 0.5%.

Later in the day, the US Commerce Department was expected to release July data on housing starts and permits, followed by the minutes of the most recent Federal Reserve policy meeting at 1900 BST.

On the corporate front, shares in Carlsberg were lower after the company disappointed investors by failing to raise its full-year earnings forecasts, instead reiterating it was expecting a mid-single digit increase in profits.

Akzo Nobel reached a three-deal truce with activist hedge-fund Elliot Management.

Arcelor Mittal's South African unit was reportedly mulling layoffs in a bid to lower costs.

Fiat was in the spotlight amid reports that a Chinese suitor had presented a bid for the company this month.