European Stocks Close Higher Ahead Of ECB Policy

(RTTNews) - European markets closed higher on Wednesday with technology stocks turning in a fine performance. Data showing an improvement in euro zone consumer sentiment in the month of January and positive reaction to China's stimulus announcement contributed to markets' gains.

Investors looked ahead to the European Central Bank's monetary policy announcement on Thursday for clues about the bank's interest-rate trajectory.

The pan European Stoxx 600 climbed 1.18%. The U.K.'s FTSE 100 gained 0.56%, Germany's DAX surged 1.58% and France's CAC 40 ended 0.91% up, while Switzerland's SMI settled with a 0.43% gain.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye closed with sharp to moderate gains.

Russia ended weak, while Iceland and Norway closed flat.

In the UK market, Antofagasta rallied more than 5%. Fresnillo gained nearly 4.5% after it reported higher silver production for 2023.

Anglo American Plc, Endeavour, Burberry Group and Glencore gained 3 to 4.5%. Shares of low-cost carrier EasyJet gained about 2.5% after the company said it expected winter losses to narrow this year.

Flutter Entertainment, St. James's Place, Prudential, Centrica, Marks & Spencer, Croda International, Scottish Mortgage, Rolls-Royce Holdings, RightMove, Natwest Group, Land Securities, Rio Tinto, Smurfit Kappa Group, BAE Systems and J Sainsbury gained 1.3 to 3%.

Haleon, Lloyds Banking Group, Rentokil Initial, Smith & Nephew and Convatec Group lost 1.6 to 2.5%.

In the German market, Siemens Energy soared more than 9% after posting forecast-beating Q1 results. SAP surged nearly 8% after it announced plans to restructure 8,000 jobs in a push toward artificial intelligence growth.

Vonovia, Siemens, Daimler Truck Holding, Volkswagen, Fresenius, Fresenius Medical Care, Zalando, Commerzbank, Deutsche Bank, HeidelbergCement and Continental gained 1.3 to 4%.

Puma plunged more than 10%. Beiersdorf and Adidas ended down 1.6% and 1.2%, respectively.

In Paris, WorldLine rallied 4%. Unibail Rodamco gained nearly 3%. Teleperformance, ArcelorMittal, Saint Gobain, LVMH, Eurofins Scientific, Schneider Electric, Publicis Groupe, Safran, Capgemini, Air Liquide and Dassault Systemes ended higher by 1.5 to 2.5%.

Alstom ended nearly 6% down, after Q3 sales missed estimates.

On the economic front, eurozone private sector activity declined at the slowest pace in six months in January, survey data from S&P Global revealed.

The composite output index rose to a six-month high of 47.9 from 47.6 in December. The expected score was 48.0.

The manufacturing Purchasing Managers' Index posted 46.6, up from 44.4 a month ago. The reading was seen at 44.8. Moreover, the reading was the highest in ten months. At the same time, services PMI slid to 48.4 from 48.8 in the previous month. The reading was forecast to rise to 49.0.

France's private sector activity contracted the most in four months in January, flash survey results from S&P Global revealed.

The headline HCOB composite output index dropped to 44.2 in January from 44.8 in December. This was the weakest score since September also below economists' forecast of 45.2.

Germany's private sector shrank for the seventh consecutive month in January, flash survey compiled by S&P Global showed. The composite output index posted 47.1 in January, which was down from December's 47.4. The reading was forecast to improve to 47.8.

The UK private sector recovery gained strength at the start of the year, led by the rebound across the service economy, flash survey results from S&P Global showed. The composite output index rose to a seven-month high of 52.5 in January from 52.1 in December. The score was above the neutral 50.0 threshold for the third straight month.