BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets closed on a strong note on Wednesday as rising hopes of an interest rate cut by the Federal Reserve and optimism surrounding Ukraine peace efforts continued to prompt investors to pick up stocks.
CBS News reported that a common understanding on a peace deal brokered by the Trump administration to stop Russia's nearly four-year assault had been reached, with details still to be worked out.
It was said that Ukrainian President Volodymyr Zelenskyy could travel to the U.S. before the end of November to finalize an agreement.
As expected, British Finance Minister Rachel Reeves, who presented the Autumn Budget today, unveiled a series of tax hikes to fill black hole in public finances.
Investors were also weighing the recommendations of the International Monetary Fund (IMF) that Germany needs structural reforms in addition to fiscal stimuls in order to see sustainable economic growth.
The pan European Stoxx 600 climbed 1.09%. The U.K.'s FTSE 100 gained 0.85%, Germany's DAX closed up 1.11%, and France's CAC 40 ended 0.88% up. Switzerland's SMI settled with a gain of 0.4%.
Among other markets in Europe, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed with sharp to moderate gains, while Russia ended weak.
In the UK market, St. James's Place, Fresnillo, Endeavour Mining, Marks & Spencer, JD Sports Fashion, Lloyds Banking Group, Entain, Barclays Group, Phoenix Group Holdings and Land Securities gained 3 to 5.4%.
Standard Chartered, Polar Capital Technology Trust, Burberry Group, Anglo American Plc, Melrose Industries, Natwest Group, Beazley, Antofagasta, EasyJet and IAG were among the other major gainers.
Berkeley Group Holdings, Hikma Pharmaceuticals, Kingfisher, The Sage Group, Compass Group, Experian, Relx, Convatec Group and Haleon declined sharply.
In the German market, Commerzbank surged nearly 6%. Infineon, Siemens Energy, Adidas, Deutsche Bank, Rheinmetall and Zalando gained 2.3 to 4%.
Deutsche Post, Allianz, RWE, Vonovia and MTU Aero Engines also posted strong gains.
Bayer, Brenntag, Fresenius Medical Care and Mercedes-Benz closed weak.
In the French market, STMicroElectronics, Societe Generale, ArcelorMittal, L'Oreal, EssilorLuxottica, Veolia Environment, BNP Paribas, Hermes International, Airbus, Carrefour and Schneider Electric closed with impressive gains.
Pernod Ricard ended sharply lower. Stellantis, Edenred, Renault and Publicis Groupe also closed weak.
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