European shares recorded a growth on Wednesday following strong gains in Asia over hopes that the central banks would take steps to stimulate their economies after weak economic data.

It is expected that the weak fourth quarter economic data as well as the continuing debt crisis in the Eurozone would make the region's central bank to respond with stimulus measures. The European Central Bank might not reduce its interest rates but it might be ready to take steps to stimulate the economy during the coming months due to deteriorating economic outlook and a crisis in Spain's banking sector.

The government of Spain has said that it finding it hard to access the capital markets and urged its European partners to help revive its banking sector. The Euro has also showed some gains on ho[es of a stimulus package from the central bank.

Meanwhile in the US, the Federal Reserve Chairman Ben Bernanke is expected to speak on the US economy before a congressional committee on Thursday. It is believed that some steps to stimulate the economy might be part of the speech.