European markets rose on Wednesday as commodity prices rebounded while investors bet on a rate hike from the Federal Reserve and responded to a spate of earnings-related announcements.
Oil prices attempted a partial recovery, with European benchmark Brent up 1.47% to $51.67, helped by a small reversal in last week's buildup of commercial crude inventories in the U.S.
The combination of a more bullish sentiment among investors and the industry data helped bring an end to a weeklong period of losses for crude prices while also lifting shares of oil and gas producers. Metals prices also picked up, helping to lift the mining sector, which had also suffered during several days of weakness. Banks were big winners from the day's trading, with gains across the board.
The FTSE 100 rose by 0.15% in London to 7,368. The DAX added 0.18% in Frankfurt to settle at 12,009 and the CAC 40 closed 0.23% higher at 4,985. In Southern Europe, Italy's FTSE MIB index rose by 1.21% and in Madrid, the IBEX added 0.79%.
In individual stocks, Hikma (HKMPY topped the large cap index in London after rising by 8%. Net income fell, but the generic-drug producer still beat expectations for full-year earnings.
Hikma said that it's on track to release a copy of Glaxo's blockbuster asthma treatment, Advair, in the U.S. later this year.
Oil services firm Technip (TECZ and oil producer Total (TOT - Get Report) were the biggest gainers in Paris while car-maker Renault (RNSDF was the biggest decliner after local media reported that it might face charges over emissions-related technology in its vehicles.
In Germany, Adidas (ADDYY and Lufthansa (DLAKY were among the top performers in Frankfurt, with airline firm Lufthansa benefiting from a deal with a pilots union over pay and pensions, ending a dispute that has spurred the cancellation of thousands of flights in recent quarters.