BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets rebounded from early losses and closed higher on Wednesday, as positive updates about Pfizer's Covid-19 vaccine aided sentiment and pulled stocks out from negative territory.
The continued surge in coronravirus cases in Europe, the U.S. and several other countries across the world rendered the mood bearish early on in the day, but stocks gradually gained in strength as the session progressed.
The pan European Stoxx 600 moved up 0.44%. The U.K.'s FTSE 100 advanced 0.31%, Germany's DAX and France's CAC 40 both ended higher by 0.52%, and Switzerland's SMI ended flat.
Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkey closed with sharp to moderate gains.
Denmark, Netherlands and Sweden ended flat.
In the UK market, RSA Insurance Group shares surged up 4.6% after the group said it has received a cash offer worth £7.2 billion from Canadian insurer Intact Financial and Danish insurer Tryg.
Micro Focus International soared over 31% after the group said it expects earnings margins for its last financial year will be 'towards the upper end of management expectations.'
Taylor Wimpey, SSE, Aveva, IAG, Kingfisher, Persimmon, Legal & General and Avast gained 3 to 4.5%.
BT Group, Imperial Brand, Sainsbury, JD Sports Fashion, Ocado, Barclays Group, Intermediate Capital Group and Tesco also rose sharply.
Among the losers in the FTSE 100 index, Hargreaves Lansdown slid 5.5%, DCC and HomeServe both ended lower by about 5% and Spirax Sarco Engineering shed 3.8%.
In the German market, Deutsche Boerse shares gained nearly 3% after saying the exchange would acquire an 80% stake in Institutional Shareholder Services, the corporate governance adviser.
Deutsche Wohnen shares climbed nearly 4%. Vonovia, Adidas, Daimler, SAP, BMW and BASF gained 1 to 2.5%.
On the other hand, Wirecard lost nearly 6% and Thyssenkrupp, Beiersdorf and MTU Aero Engines lost 2 to 3.4%. Merck also ended sharply lower.
In France, Technip zoomed nearly 8% and Renault surged up more than 4.5%. Dassault Systemes, LVMH, Atos, Capgemini, STMicroElectronics, Sanofi, ArcelorMittal, Valeo, Credit Agricole, Publicis Groupe and Legrand gained 1 to 3%.
In economic releases, U.K. inflation accelerated more-than-expected to a three-month high in October driven by higher clothing and food prices, the Office for National Statistics said.
Consumer prices advanced 0.7% on a yearly basis in October, faster than the 0.5% increase logged in September. The rate was forecast to rise marginally to 0.6%.
Although inflation was the highest in three months, this was well below the Bank of England's target of 2%.
Eurozone consumer prices decreased for a third straight month in October, and core inflation remained unchanged, final data from Eurostat confirmed on Wednesday.
The harmonized consumer price index fell 0.3% year-on-year, same as in September.
On a month-on-month basis, prices rose 0.2% in October.
Core inflation, which excludes prices of energy, food, alcohol and tobacco, was 0.2% in October, same as in September.
New car registrations in Europe decreased in October after rising in the previous month, as several countries in the region returned to lockdown amid a second wave of the coronavirus or Covid-19.
EU passenger car registrations decreased 7.8% year-on-year to 953,615 units, following a 3.1% increase in September, the Brussels-based European Automobile Manufacturers Association, or ACEA, said Wednesday.
In virus news, Europe has reported nearly 14.5 million Covid-19 cases, making it the worst-affected region in the world and accounting for more than 26% of all infections so far.
France became the first country in Europe to top 2 million confirmed cases of coronavirus.
On the vaccine front, Pfizer and BioNTech announced that the final trial results of their Covid-19 vaccine candidate indicate an efficacy rate of 95%. The companies said they plan to submit a request to the FDA for an Emergency Use Authorization for the vaccine 'within days.'
Copyright RTT News/dpa-AFX