FX.co ★ European Stocks Trade Higher

European equities advanced on Wednesday, with the STOXX 50 up 0.8% and the STOXX 600 gaining 0.5%, buoyed by a broadly positive global market tone following the Democratic victory in the US Congress, which is expected to limit President Trump’s legislative ambitions. The corporate earnings season remained in full focus for investors.

Banks, basic resources, and utilities led the advance, while food and beverage stocks and industrial goods lagged. Among individual names, HSBC Holdings rose 2.5%, Siemens gained 1.2%, Banco Santander climbed 2.9%, UniCredit added 2.6%, and UBS was up 1.5%. Novo Nordisk jumped 3.1% after beating earnings expectations and issuing an updated outlook.

On the downside, Unilever slipped 1.3%, while BMW was little changed after reporting a decline in third-quarter earnings. Leonardo fell 3.5% ahead of its results due on Thursday.