European stocks closed higher on Thursday (December 2nd), supported by a rebound in shares of major banks and automakers. The Eurozone STOXX 50 and the broader STOXX 600 both rose 0.5%. Inditex jumped 2.6%, extending its gains from the previous session after the conglomerate posted strong results and confirmed its full-year outlook.
Similarly, Stellantis rose 3.6%, extending this week's rally to more than 10% after its rating was upgraded by UBS. Mercedes-Benz, BMW, and Volkswagen each rose more than 3%, leading the broader auto sector's gains amid a rating upgrade from Bank of America. Santander, BNP Paribas, and BBVA each rose around 2%, leading the rebound in banking stocks.
Meanwhile, pharmaceutical giants closed lower, with Sanofi and Bayer down 1.3% and 2.6%, respectively. Consolidated bets that the Fed will cut interest rates next week remain in place despite strong US jobless claims data, providing support for European equities in afternoon trading. (alg)
Source: Trading Economics
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