BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets got off to a weak start Wednesday as technology stocks followed their U.S. and Asian peers lower on privacy concerns and on worries about tighter industry regulations.
However, the markets began to pare their losses around midday and some managed to inch into positive territory in the afternoon. At the end of the day, the majority of the markets finished with small gains.
The pan-European Stoxx Europe 600 index advanced 0.46 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.43 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.71 percent.
The DAX of Germany dropped 0.25 percent but the CAC 40 of France rose 0.29 percent. The FTSE 100 of the U.K. gained 0.64 percent and the SMI of Switzerland finished higher by 1.36 percent.
In Frankfurt, biotech firm Evotec declined 8.67 percent after reporting a decline in 2017 net income.
Daimler lost 0.54 percent after the automaker said that accounting changes will result in a changed outlook for its Mercedes-Benz Cars and Daimler Buses units.
Volkswagen shed 1.94 percent on a Bloomberg report that its fiscal affairs in Luxembourg are under scrutiny from the European Union watchdogs.
In Paris, aircraft manufacturer Dassault Aviation rose 0.70 percent as the exercise of the option for the purchase of 12 additional Rafale fighters for Qatar came into effect.
In London, Shire surged 14.01 percent after Japan's Takeda said it is 'considering making an approach' to buy the Irish drugmaker.
BT Group advanced 1.64 percent after regulator Ofcom published a final statement on their recent U.K. Wholesale Local Access Market Review.
Burberry climbed 1.44 percent after Goldman Sachs upgraded its rating on the stock to 'Buy' from 'Neutral.'
Univlever gained 4.72 percent after UBS upgraded the stock to 'Buy' from 'Neutral.'
Associated British Foods rose 3.26 percent after Morgan Stanley upgraded its rating on the stock to 'Equal weight' from 'Overweight.'
German consumer confidence is set to improve in April, survey data from the market research group GfK showed Wednesday. The forward-looking consumer sentiment index rose unexpectedly by 0.1 point to 10.9 in April. The score was forecast to fall to 10.7.
France's consumer sentiment remained stable in March, survey results from the statistical office Insee showed Wednesday. The consumer confidence index held steady at 100 in March. The score also matched economists' expectations.
Economic activity in the U.S. grew by more than previously estimated in the fourth quarter of 2017, according to a report released by the Commerce Department on Wednesday.
The report said gross domestic product climbed by 2.9 percent in the fourth quarter, reflecting an upward revision from the previously estimated 2.5 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.7 percent.
After unexpectedly reporting a sharp drop in pending home sales in the U.S. in the previous month, the National Association of Realtors released a report on Wednesday showing a bigger than expected rebound in pending sales in the month of February.
NAR said its pending home sales index jumped by 3.1 percent to 107.5 in February after plunging by 5 percent to a downwardly revised 104.3 in January. Economists had expected pending sales to climb by 2.1 percent.
Copyright RTT News/dpa-AFX