Major European Markets Close On Firm Note On U.S. Debt Ceiling Deal Hopes

(RTTNews) - European stocks closed higher on Thursday amid optimism the lawmakers will eventually reach an agreement on raising the U.S. debt ceiling.

Following a meeting earlier in the week, President Joe Biden and House Speaker Kevin McCarthy, R-Calif., both expressed optimism a deal will be reached.

Investors also reacted positively to some earnings news and other corporate news.

The pan European Stoxx 600 ended 0.39% up. The U.K.'s FTSE 100 gained 0.25%. Germany's DAX climbed 1.33% and France's CAC 40 gained 0.64%. The Switzerland market was closed today for Ascension Day holiday.

Among other markets in Europe, many were closed for Ascension Day. Volume of business remained thin in markets where trading was on today, and stocks turned in a mixed performance.

In the UK market, JD Sports Fashion rallied more than 5%, extending gains from the previous session, after saying profits could hit the 1 billion pound mark this year.

Ashtead climbed 3.5%. Standard Chartered, Carnival, Ferguson, Experian, DCC, Informa and Scottish Mortgage gained 2 to 3%.

HSBC Holdings, ITV, Admiral Group, M&G, Persimmon, 3i, Rolls-Royce Holdings, Halma, Easyjet, Barratt Developments, The Sage Group, Relx and Just Eat Takeaway.com also ended notably higher.

Royal Mail, BT and Polymetal International lost 5 to 6%. Burberry Group shares dropped more than 5% despite the company posting a 16% sales increase, primarily driven by strong demand from Chinese consumers.

National Grid, Centica, Pennon, Severn Trent and Imperial Brands lost 1.7 to 3%.

In Paris, Renault, Dassault Systemes, Saint Gobain, Stellantis, Societe Generale, Capgemini, BNP Paribas, Michelin, Publicis Groupe, Schneider Electric, Legrand, ArcelorMittal, Sanofi and Air Liquide gained 1 to 3%.

Carrefour tumbled 2.6%, and Engie ended lower by about 1.6%.

In the German market, Deutsche Bank gained nearly 4% after reports that the lender will pay $75 million to settle litigation alleging the bank financially benefited from supporting Jeffrey Epstein's sex trafficking scheme.

Commerzbank surged nearly 4.5%. Infienon gained about 4%, while Mercedes-Benz, Siemens, Porsche, Continental, BMW, Deutsche Post and Sartorius gained 2 to 4%.

Volkswagen gained nearly 4% after the German automaker announced plans to overhaul its core brand to increase efficiency and returns.

Daimler Truck Holding, Brenntag, SAP, Merck and HeidelbergCement also posted strong gains.

E.ON tanked nearly 7%. Vonovia ended lower by about 5.3%, while Fresenius, Fresenius Medical Care, RWE and MTU Aero Engines shed 1.3 to 2%.