European Stocks Close On Buoyant Note

(RTTNews) - European stocks closed on a strong note on Wednesday with traders indulging in some hectic bargain hunting at reduced levels after recent losses.

Data showing an improvement in U.S. consumer confidence in December, and some buoyant earnings updates also contributed to the surge in stock prices.

A report showing an improvement in German consumer sentiment helped as well.

The pan European Stoxx 600 climbed 1.71%. The U.K.'s FTSE 100 surged 1.72%, Germany's DAX gained 1.54% and France's CAC 40 advanced 2.01%, while Switzerland's SMI gained 1.75%.

Among other markets in Europe, Austria, Belgium, Iceland, Ireland, Netherlands, Norway, Poland and Sweden ended sharply higher.

Czech Republic, Denmark, Finland, Greece, Portugal and Spain also ended with strong gains. Turkiye edged up marginally, while Russia closed flat.

In the UK market, JD Sports Fashion climbed more than 6%, and Ocado Group gained nearly 5%, while Anglo American Plc, Persimmon, St. Jame's Place, ABRDN, Prudential, 3I Group, Taylor Wimpey, Barratt Developments, Frasers Group and Rolls-Royce Holdings gained 3 to 4%.

Next, Antofagasta, BP, Kingfisher, DCC, British Land, Scottish Mortgage, M&G, Glencore, RS Group, CRH and Smith & Nephew also ended sharply higher.

In Paris, Unibail Rodamco surged 4.2%. TotalEnergies, L'Oreal, Teleperformance, Kering, ArcelorMittal, Sanofi, Societe Generale, Vivendi, Safran, Eurofins Scientific, Publicis Groupe, Credit Agricole and BNP Paribas advanced 2 to 3.1%.

In the German market, Puma soared 9.5% and Adidas climbed nearly 7% on expectations of higher sales during the peak period for Christmas sales.

Zalando rallied 5.6%. Vonovia gained 4.5% and Deutsche Wohnen surged nearly 4%. Continental, Deutsche Post, Brenntag, Covestro, Sartorius, HelloFresh, Fresenius Medical Care, Merck, Allianz and Porsche Automobil also ended sharply higher.

Philips rallied 5.75% after the Dutch health technology company provided an update on completed set of test results for first-generation DreamStation sleep therapy devises.

In economic releases, a survey showed German consumer sentiment is set to extend its recovery heading into the new year as a result of government measures to curb rising energy costs.

The forward-looking consumer sentiment index rose to -37.8 in January from -40.1 in December while economists had forecast a score of 38.0.

German employers' intentions to take new staff fell slightly at the end of the year amid recession concerns, but the overall employment outlook was positive for the coming months, particularly driven by service providers, results of a survey by ifo Institute showed Wednesday.

The ifo Employment Barometer dropped to a three-month low of 99.5 points in December from 99.6 points in November.

The U.K. budget deficit was the biggest for the month of November, data from the Office for National Statistics revealed earlier today.

Public sector net borrowing excluding banks increased by GBP 13.9 billion from the last year to GBP 22.0 billion. This was the biggest November borrowing since monthly records began in 1993.