European Stocks Close Modestly Higher

European markets closed on a slightly positive note on Wednesday with investors reacting to corporate earnings, the latest batch of economic data from euro area and the U.S., and updates on the vaccine front.

Data showing U.S. inflation was not rising as fast as had been feared, and encouraging earnings updates from some top name companies including SAP and LVMH Moet Hennessey aided sentiment.

In vaccine news, the French government has reportedly started shipping Johnson & Johnson jabs received earlier this week across the country despite the recent suspension in the U.S.

The pan European Stoxx 600 gained 0.19%. The U.K.’s FTSE 100 climbed 0.71%, France’s CAC 40 advanced 0.4% and Switzerland’s SMI gained 0.3%, while Germany’s DAX slid 0.17%.

Among other markets in Europe, Austria, Belgium, Greece, Netherlands, Norway, Poland, Portugal, Russia, Spain and Turkey closed higher.

Czech Republic, Denmark, Finland and Sweden ended weak, while Iceland and Ireland settled flat.

Glencore moved up sharply, riding on a rating upgrade by Goldman Sachs. Drug maker AstraZeneca gained in strength after China’s health regulator approved Tagrisso, its lung cancer treatment, as adjuvant treatment for patients with early-stage lung cancer.

Shares of EasyJet ended nearly 6% up after the low-cost airline expressed optimism that European travel markets will revive this summer.

Tesco ended lower by about 2% after the company reported a 14.7% fall in annual profit.

LVMH Moet Hennessey shares rose sharply after the company reported consensus-beating first-quarter sales driven by strong performance by flagship brands.

Business software maker SAP ended notably higher after lifting its full-year guidance, citing a sharp rise in new cloud business.

Covestro AG shares rallied sharply after the company raised its earnings and operating cash flow guidance for 2021.

In the Swiss market, Credit Suisse shares drifted lower after the bank flagged around $2.3 billion in problematic loans in its Greensill Capital funds.

In economic releases, Eurozone industrial output declined 1% month-on-month in February and fell 1.6% compared to February 2020, Eurostat said.

UK labor productivity declined 0.7% annually in the fourth quarter, in contrast to a 0.4% rise in the third quarter, according to a report released by the Office for National Satistics.