BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets close on a strong note on Wednesday as stocks bounced back after the U.S. market staged a smart rally, led by technology stocks that had taken a severe hammering in recent sessions.
Investors picked up stocks, ignoring reports showing a surge in coronavirus cases in parts of Europe, likely delay in coronavirus vaccines after AstraZeneca put on hold the final stage clinical trials of its drug due to an unexplained illness of a participating patient, and shrugging off fears about a no-deal Brexit.
The pan European Stoxx 600 moved up 1.62%. All the major markets in Europe closed sharply higher. The U.K.'s FTSE 100 climbed 1.39%, Germany's DAX surged up 2.07%, France's CAC 40 advanced 1.4% and Switzerland's SMI closed stronger by 1.52%.
Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal and Sweden ended higher by 1 to 2.3%.
Greece, Iceland, Spain and Turkey gained 0.6 to 1%, while Czech Republic and Russia closed weak.
In the U.K. market, BT Group surged up more than 5.5%. Ashtead Group, British American Tobacco, Unilever, Reckitt Benckiser, Imperial Brands, GlaxoSmithKline, 3i Group, Halma, Standard Chartered, Vodafone, AViva, Royal Dutch Shell, HSBC Holdings, Rio Tinto and Hargreaves Lansdown gained 2 to 4.5%.
On the other hand, TUI, EasyJet, Rolls-Royce Holdings, Carnival, ITV and Royal Mail lost 2 to 4.5%.
In Germany, Munich RE, Infineon Technologies, SAP, Deutsche Telekom, Adidas, Allianz, Henkel, Merck, Siemens, Daimler, Deutsche Post, Deutsche Bank and Thyssenkrupp gained 1.75 to 4.5%.
Wirecard shares plunged more than 7%. Lufthansa ended nearly 1% down.
In the French market, STMicroElectronics surged up more than 7%. Orange gained about 4.8% and ArcelorMittal rallied 3.5%.
Sanofi, Schneider Electric, Carrefour, Air Liquide, Danone, Credit Agricole, WorldLine, Veolia and Atos also closed sharply higher, while Bouygues and Airbus declined 3.2% and 2%, respectively.
In economic news, Switzerland's unemployment rate remained unchange in August, data from the State Secretariat for Economic Affairs, or SECO, showed. The jobless rate came in at a seasonally adjusted 3.4% in August, same as seen in July and in line with economists' expectations.
UK firms raised temporary job placemets in August, the latest KPMG and REC Report on jobs showed.
According to the report compiled by IHS Markit, permanent placements increased only slightly, while temp billings expanded at the fastest rate for 20 months.
Temporary work is critical in any recovery - businesses turn to temps to help them ramp up and meet demand while the future looks uncertain, Neil Carberry, Chief Executive of the REC, said.
On the Brexit front, the British Government has stated that the new Internal Market Bill would break international law 'in a very specific and limited way,' raising concerns over a no-deal Brexit.
Copyright RTT News/dpa-AFX