European Stocks Close Broadly Higher

(RTTNews) - European stocks closed broadly higher on Wednesday with investors digesting the Federal Reserve's minutes, and on slightly easing geopolitical tensions after Hamas and Israel reportedly agreed to a Qatar-mediated pause in fighting.

While the minutes of the latest Federal Reserve meeting failed to provide any indications the central bank plans to cut interest rates in the near future, CME Group's FedWatch Tool still suggests the next move will be a rate cut in mid-2024.

The pan European Stoxx 600 gained 0.3%. Germany's DAX climbed 0.43% and France's CAC 40 advanced 0.43%, while the U.K.'s FTSE 100 ended down 0.17%. Switzerland's SMI ended 0.47% up.

Among other markets in Europe, Belgium, Denmark, Greece, Netherlands, Russia, Spain and Sweden ended higher.

Iceland, Norway and Turkiye closed weak, while Austria, Finland, Poland and Portugal ended flat.

In the UK market, The Sage Group shares soared nearly 13.5% after reporting strong revenue growth in its full-year results and launching a share buyback.

Entain rallied 6%. Johnson Matthey, JD Sports Fashion, Carnival, BT and Royal Mail gained 3 to 5%.

IAG climbed 2.7% and Intermediate Capital gained about 2.2%. Halma, Smurfit Kappa Group, Compass, Flutter Entertainment, IHG, Diageo, Hiscox, Segro, Pennon, Easyjet, CRH and British American Tobacco gained 1 to 2%.

Kingfisher drifted down more than 6% after cutting its profit outlook for the second time in three months.

Rolls-Royce Holdings, BP, Royal Dutch Shell and Glencore lost 2 to 2.5%.

Rentokil Initial, Taylor Wimpey, Natwest Group, St. James's Place, Barclays and AstraZeneca ended lower by 1 to 1.4%.

In the German market, Puma and Symrise both gained more than 3%. Siemens Healthineers, Beiersdorf, Qiagen, Continental, Vonovia, Siemens, Adidas, SAP and Henkel gained 1 to 2%.

Thyssenkrupp surged nearly 7%. After reporting fiscal 2023 net loss of 2.0 billion euros, the industrial engineering and steel company said it sees profit and higher sales in RY24.

Bayer ended down 3.3%. Merck lost about 2.1%, while Covestro and Porsche ended down 1.6% and 1.4%, respectively. Commerzbank and Deutsche Bank posted moderate losses.

In Paris, Capgemini surged 3%. ArcelorMittal, Carrefour, Pernod Ricard, Michelin, LVMH, Hermes International and Unibail Rodamco ended higher by 1 to 2%.

TotalEnergies ended down 1.84%. Sanofi, Credit Agricole and Safran also closed weak.

In economic news, the European Commission said the consumer confidence indicator in the Euro area rose by 0.9 points from the previous month to -16.9 in November, the highest in three months, according to preliminary estimates.

Meanwhile, British finance minister Jeremy Hunt has announced tax cuts for workers, and given businesses permanent investment incentives in an attempt to speed up an economy that appears stuck in a rut.

The minister has also offered hefty rises in welfare payments and the state pension.

"After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track," Hunt told parliament today in his Autumn Statement fiscal update.