European stocks closed firmly higher on Wednesday
European stocks closed firmly higher on Wednesday, with both the STOXX 50 and the STOXX 600 gaining 0.7%, rebounding from their respective 1.4% drop in the previous session as markets continued to assess local fiscal concerns.
On Tuesday, equities retreated as concerns over debt sustainability in major economies pushed bond yields sharply higher, with the UK market under the greatest strain. In the Eurozone, liquidity concerns in long-term Dutch bonds and fiscal worries in the French budget remained under the spotlight.
The tech sector rose sharply to recoup most of the losses from the previous session, with SAP, ASML, and Nokia adding between 3% and 1.8%. Industrials and luxury brands were also higher, with Airbus, Schneider, and LVMH jumping between 3% and 1.5%. In contrast, Swiss Life fell about 1.2% after reporting a weaker first-half net profit, while M&G slipped 2.5% after posting a modest rise in both profit and assets under management.
Source: Trading Economi
