European Markets Extended Gains Ahead Of Brexit Vote

(RTTNews) - The European markets ended Wednesday's session in positive territory, extending their winning streak to 4 sessions. Investors remained in a cautious mood ahead of Thursday's U.K. referendum on whether to remain in the European Union. While recent polls have shown increased support for the "Remain" camp, the issue remains too close to call.

Insurance stocks were among the best performers Wednesday and banks extended their recent recovery. However, energy stocks reversed early gains after U.S. data showed a smaller than expected drop in inventories.

Investors continued to keep an eye on the second day of testimony by Federal Reserve Chair Janet Yellen before the House Financial Services Committee. Yellen warned yesterday that a Brexit could have "significant economic repercussions."

The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.37 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 1.03 percent.

The DAX of Germany climbed 0.55 percent and the CAC 40 of France rose 0.29 percent. The FTSE 100 of the U.K. gained 1.23 percent and the SMI of Switzerland finished higher by 0.46 percent.

In Frankfurt, Deutsche Bank increased 2.91 percent and Commerzbank rose 1.31 percent.

Utility RWE climbed 2.55 percent and peer E.ON added 0.71 percent.

Fresenius Medical Care advanced 1.95 percent and Fresenius gained 1.98 percent.

In Paris, Air France-KLM Group gained 1.11 percent after its pilots canceled a strike scheduled for Friday.

Societe Generale increased 0.94 percent and Credit Agricole climbed 0.93 percent. BNP Paribas also finished higher by 0.64 percent.

In London, mining giant Rio Tinto advanced 1.77 percent on rumors of an incoming $9 billion BHP-style spinoff.

Storage company Safestore Holdings jumped 2.04 percent as broker Liberum reiterated its 'buy' rating on the stock.

Department store group Debenhams sank 6.13 percent on reporting a slight drop in like-for-like sales in the 15 weeks to June 11.

Barclays increased 2.00 percent and Standard Chartered rose 2.13 percent. Royal Bank of Scotland advanced 1.99 percent and HSBC gained 0.95 percent.

Insurance stocks also turned in a solid performance. Old Mutual climbed 2.98 percent and Standard Life rose 2.81 percent. RSA Insurance also finished higher by 2.09 percent.

Fashion retailer Hennes & Mauritz rose 1.20 percent in Stockholm after reporting a 17 percent drop in second-quarter profit.

Merlin Properties Socimi climbed 3.88 percent in Madrid after it agreed to a merger with Metrovacesa.

Eurozone consumer confidence deteriorated for the first time in three months in June, defying expectations for stability, preliminary data from the European Commission showed Wednesday. The flash consumer confidence index declined to -7.3 from -7 in May. Economists had expected the score to remain unchanged.

Existing home sales in the U.S. sprang to their highest level in over nine years in the month of May, the National Association of Realtors revealed in a report on Wednesday. NAR said existing home sales rose by 1.8 percent to an annual rate of 5.53 million in May from a downwardly revised 5.43 million in April.

Economists had expected existing home sales to climb 2.2 percent to a rate of 5.57 million from the 5.45 million originally reported for the previous month.