Sun. Jan 29th, 2023

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European markets close higher

1 min read

European stocks

European stocks closed higher on Wednesday as market focus in the region remains firmly on the progress of post-Brexit trade deal talks between the EU and U.K.

The pan-European Stoxx 600 index provisionally closed 0.4% higher with most sectors and major bourses in positive territory. Autos stocks were the top performers, climbing nearly 1.5%.

Market attention is focused on the state of Brexit talks this week. British Prime Minister Boris Johnson will head to Brussels later Wednesday in a last-ditch attempt to secure a Brexit trade deal. He will meet with European Commission President Ursula von der Leyen after negotiators failed to make significant progress when talks resumed on Monday.

Coronavirus vaccine optimism is also buoying market sentiment. The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so.

The Pfizer-BioNTech shots gained emergency approval from the U.K. drug regulator last week and will be given first to frontline health workers, nursing home workers and those over age 80.

On Wall Street, stocks slipped from record highs set earlier in the day as traders weigh the prospects of new fiscal stimulus.

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