European Stocks Close On Buoyant Note On Peace Talks Hopes

(RTTNews) - European stocks closed on a buoyant note on Wednesday as investors indulged in hectic buying across the board amid hopes of progress in Russia-Ukraine peace talks, and on news about the Chinese government's promise to roll out more economic stimulus to boost growth.

Ukrainian President Volodymyr Zelenskyy said during an address to the nation that the positions in the negotiations were beginning to "sound more realistic," while Russian Foreign Minister Sergey Lavrov told the BBC there was "some hope of reaching a compromise."

Investors also looked ahead to the Federal Reserve's monetary policy announcement, due later in the day, and the Bank of England's policy decision, due on Thursday.

The pan European Stoxx 600 climbed 3.06%. The U.K.'s FTSE 100 surged up 1.75%, Germany's DAX jumped 3.76% and France's CAC 40 rose 3.68%, while Switzerland's SMI gained 1.87%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Spain and Sweden ended with strong gains.

Czech Republic, Portugal and Turkey also closed on a firm note.

In the UK market, Polymetal International soared 11.3%. Scottish Mortgage gained about 9%, while ICP, Mondi, St. James Place, Antofagasta, Standard Chartered, Burberry Group, JD Sports Fashion, ABRDN, Smith (DS), Coca-Cola HBC, Pershing Square Holdings, Legal & General, Flutter Entertainment and Prudential gained 5 to 7%.

IAG, IHG, Smurfit Kappa Group, Whitbread, Taylor Wimpey, WPP, Aveva Group, Berkeley Group Holdings, IHG, Melrose Industries and Hargreaves Lansdown moved up 4 to 5%.

Avast plunged more than 13% after the UK's competition watchdog said the takeover bid of the firm by its American rival NortonLifeLock for $8.6 billion could be subject to an in-depth investigation.

BAE Systems, National Grid, United Utilities, Severn Trent and Shell ended lower by 1.7 to 3.6%.

In the French market, Faurecia, Valeo, Societe Generale, STMicroElectronics, Renault and Hermes International gained 7 to 10%.

Credit Agricole moved up nearly 7%. LVMH, Saint Gobain, BNP Paribas, Kering, ArcelorMittal, Atos, Safran, Michelin, L'Oreal, Accor and Capgemini gained 4.5 to 6.25%.

In the German market, HelloFresh zoomed more than 11%. Continental, Infineon Technologies, Deutsche Bank, Puma, Siemens, Daimler, Deutsche Post, Adidas, Merck, Covestro, Linde and BMW ended stronger by 4 to 8%.

Dutch tech investor Prosus, which has stake in China's Tencent, jumped nearly 24% as a selloff in Chinese tech shares eased.