04.12.202517:17:57UTC+00European Stocks Close Higher

European stocks concluded Thursday on a positive note, buoyed by a resurgence in key banking and automotive sectors. The Eurozone's STOXX 50 and the more comprehensive STOXX 600 indices both appreciated by 0.5%. Inditex saw a 2.6% rise, continuing its upward trajectory from the previous session following robust financial results and a reaffirmed full-year forecast. Stellantis climbed 3.6%, extending its weekly increase to over 10% after an upgrade by UBS. In the automotive sector, Mercedes Benz, BMW, and Volkswagen all gained over 3%, setting the tone for the industry following positive evaluations from Bank of America. Additionally, Santander, BNP Paribas, and BBVA experienced increases of approximately 2% each, spearheading the recovery in the banking sector. In contrast, pharmaceutical behemoths Sanofi and Bayer saw declines of 1.3% and 2.6%, respectively. Meanwhile, persistent expectations that the Federal Reserve will cut interest rates next week bolstered European equities during the afternoon trading, despite a strong jobless claims report from the United States.