European stock exchanges closed higher Wednesday as investors focused on expectations that President Donald Trump’s visit to China could help advance efforts toward a lasting peace between the US and Iran.
The benchmark Stoxx Europe 600 index rose 0.79% to close at 611.42 points.
Germany’s DAX 40 gained 0.76% to 24,136.81 points, while Italy’s FTSE MIB 30 climbed 1% to 49,480.7.
The UK’s FTSE 100 advanced 0.58% to 10,325.35, and France’s CAC 40 added 0.35% to finish at 8,007.97.
The euro/dollar parity was trading at 1.1709 as of 1700GMT, down 0.25%.
The gains in European markets were driven by hopes that Trump’s China visit could mark a positive stage in efforts to secure a permanent peace between the US and Iran.
In the UK, 20- and 30-year government bond yields edged lower after Prime Minister Keir Starmer told his Cabinet on Tuesday that he would not resign despite growing calls for him to step down following the Labour Party’s defeat in local elections. Political uncertainty in the country, however, persisted.
On the data front, the eurozone economy grew 0.1% in the first quarter compared to the previous quarter, while employment in the bloc also increased 0.1% during the same time.
Industrial production in the euro area rose 0.2% month-on-month in March, while falling 2.1% on an annual basis.