European stocks closed sharply higher on Wednesday, tracking strong momentum in equity markets around the world after the US administration signaled that tariffs on China were likely to be eased in the near future. The eurozone STOXX 50 closed 2.8% higher at 5,100 and the pan-European STOXX 600 gained 1.8% to close at 517. Remarks opposing the duration of the 145% tariffs on China were made by US President Trump and Finance Minister Bessent, who expressed confidence that there would be no long-term trade embargo during the administration. The signals boosted risk assets around the world, supporting European stocks across most sectors. On the corporate front, SAP jumped more than 10% after delivering strong results and upbeat guidance, becoming the continent's largest by market capitalization amid less favorable momentum for LVMH and Novo Nordisk. On the data front, flash PMIs showed that private sector activity in the eurozone stalled. (Newsmaker23)
Source: Trading Economics
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