European Shares Rise Despite Taper Acceleration Worries

European stocks were moving higher on Wednesday, as rising commodity prices amid easing concerns about the new Covid-19 variant helped lift miners and energy stocks.

Banks also traded higher after the U.S. Federal Reserve indicated a quicker taper of bond purchases.

In economic releases, Eurozone PMI Manufacturing was finalized at 58.4 in November, slightly up from October’s 58.3.

The U.K. Manufacturing PMI was finalized at 58.1 vs. 58.2 estimated while Germany reported disappointing retail sales data amid surging price pressures and supply bottlenecks.

The pan European Stoxx 600 climbed 0.9 percent to 466.91 after declining 0.9 percent on Tuesday.

The German DAX rallied 1.2 percent, France’s CAC 40 index gained 1 percent and the U.K.’s FTSE 100 was up 1.3 percent.

Husqvarna, the world’s biggest maker of power gardening tools, gained 2.2 percent after raising its sales and profit targets.

German healthcare company Fresenius Medical Care AG rose 1.3 percent after it announced a series of changes to its management board effective January 1, 2022.

Cyclicals advanced, with banks Commerzbank, Deutsche Bank, BNP Paribas, Credit Agricole climbing 2-4 percent.

Swiss bank UBS added 1.6 percent after it recruited former JP Morgan Chase executive Sarah Youngwood as its group chief financial officer.

Anglo American and Glencore soared 3-4 percent as copper prices bounced back.

BP Plc rallied 3.3 percent and Royal Dutch Shell added 2.8 percent as oil prices climbed ahead of an OPEC meeting where major producers will discuss how to respond to potentially lower demand against the backdrop of Omicron.

Insurer Aviva gained 2.2 percent after announcing it had completed the sale of its Aviva Poland unit for EUR2.5 billion in cash to German peer Allianz SE.

Gambling company 888 Holdings rose over 2 percent after it has been awarded a provisional sports-betting license from the Virginia Lottery.

Sanofi rose about 1 percent. The French drug major announced that it entered into an agreement to acquire Austrian privately owned biotechnology company Origimm Biotechnology GmbH. The acquisition is expected to close early December 2021.

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