European shares close at four-week high on banks boost; US trade talks in focus
European shares closed at a four-week high on Wednesday, with banks the biggest boost as investors awaited signs of progress on a trade accord between the United States and the European Union.
The pan-European STOXX 600 index, rose 0.8% to its highest close since June 12. Italy's bank-heavy benchmark, jumped 1.6% to its highest since 2007.
Lender UniCredit, was among the biggest gainers on the index, advancing 4.6% to its highest since 2011. The Italian lender met renewed German opposition to its takeover ambitions for Commerzbank, after it doubled its voting stake in the rival.
A broader gauge of euro zone banks, climbed 2.7% to its highest level since 2010, with French bank Societe Generale, also advancing 4%.
The index tracking European defence companies, gained 1.4% to reach an all-time high.
German defence contractor Renk, added 5% after a Bloomberg report said the company was considering selling its civilian industrial unit, or part of it.
In the latest on the trade front, the EU said it could reach an outline trade agreement with the United States in the coming days.
U.S. President Donald Trump said on Tuesday that he was probably two days away from sending the EU a letter disclosing the tariff rate on its exports to the U.S.
Source : Reuters
