European Shares Rally As War Fears Recede

European stocks advanced on Wednesday as investors tracked the latest developments in the Russia-Ukraine crisis.

Amid tensions with the West over Ukraine, Russian President Putin today said Moscow is ready to look for “diplomatic solutions”.

“But the interests of Russia, the security of our citizens, are non-negotiable for us,” he added.

Investors shrugged off data showing that German consumer sentiment is set to drop in March as higher inflation dampened income prospects.

Market research group Gfk said its forward-looking consumer confidence index unexpectedly fell to -8.1 in March from -6.7 in February. The score was forecast to improve to -6.3.

The pan European Stoxx 600 climbed 1.2 percent to 460.41 after ending flat with a positive bias on Tuesday. The German DAX added 1.3 percent, France’s CAC 40 index jumped 1.7 percent and the U.K.’s FTSE 100 was up 0.4 percent.

Carmaker Stellantis jumped 5.4 percent after its full-year operating profit margin topped target.

Spanish utility Iberdrola rose about 2 percent after reporting a rise in full-year profit.

Barclays rallied 3 percent. The bank announced a share buyback of up to one billion pounds after posting its highest annual profit on record.

Miners traded higher, with Antofagasta climbing 3.3 percent and Glencore adding 1.2 percent.

Aston Martin Lagonda Global Holdings declined 1.4 percent after announcing a narrower loss last year.

French yoghurt maker Danone jumped 4.3 percent after its quarterly sales beat estimates.

Construction major Hochtief AG fell 2.2 percent after it has approved the submission of the unconditional and final off-market takeover offer to Australian company CIMIC Group Limited by HOCHTIEF Australia Holdings Limited.

FlatexDEGIRO shares soared 18 percent after reports that that online broker is attracting interest from private equity firms.

Munich Re lost nearly 3 percent despite the reinsurance giant reporting a strong set of results for 2021.

Henkel surged 4.5 percent after reporting organic growth across its business units.

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