European stocks closed at more than two-week highs on Wednesday, after fresh talks between Russia and Ukraine extended earlier gains sparked by China’s pledge to take more stimulus measures to boost the economy.
Russia and Ukraine have talked about a new deal on Ukraine’s non-NATO status, raising hopes of a potential breakthrough after three weeks of war.
The pan-European STOXX 600 index closed up 3.06% at 448.45 points, the highest level since Feb. 28.
Markets also rallied after Chinese Vice Premier Liu He said the country would support China’s economy as well as adopt measures favorable to its capital markets.
“Today was a double dose of gifts for the markets,” said Chris Beauchamp, chief market analyst at online platform IG.
Dutch tech investor Prosus, which has a large stake in China’s Tencent, jumped 23.9% after hitting record lows in the previous session. The stock pushed the technology index up nearly 6.6%.
The market also operated on the expectation that the Federal Reserve will raise interest rates by 0.25 percentage point when it releases its monetary policy decision at 15:00 GMT.
- In London, the Financial Times index advanced 1.62%, to 7,291.68 points;
- In Frankfurt, the DAX index rose 3.76% to 14,440.74 points;
- In Paris, the CAC-40 index gained 3.68%, at 6,588.64 points;
- In Milan, the Ftse/Mib index appreciated by 3.34%, at 24,284.85 points;
- In Madrid, the Ibex-35 index registered an increase of 1.75%, to 8,380.40 points;
- In Lisbon, the PSI20 index rose by 1.02%, to 5,622.30 points.
Source: CNN Brasil
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