2018.04.1819:40:00UTC+00European Markets Climb Amid Earnings, Rise in Commodities

European stock markets gained for a second consecutive session on Wednesday, as geopolitical tensions and trade war concerns continued to fade while a strong boost in commodity stocks raised investor sentiment.

The pan-European STOXX 600 advanced, up 0.29 percent provisionally, while sectors showed a mixed picture by the close. The FTSE 100 jumped 1.26 percent, lifted by commodities and a drop in sterling, while the French CAC 40 rose 0.5 percent and Germany's DAX edged up 0.04 percent, capped by weakness in the auto sector.

Basic resources stocks outperformed fellow industries, gaining 4.37 percent as a sector. Polymetal International jumped to the top of the European benchmark, surging 12 percent, after posting a 19 percent rise in year-on-year revenue for the first-quarter. The Russian precious metals mining firm said production of gold equivalent increased five percent to 295,000 ounces.

London-listed miners received a boost following Polymetal's news, while metal prices soared with nickel, zinc, and copper posting sharp gains.

Oil and gas was the second top performing sector, rising 1.57 percent, with crude futures posting sharp gains, supported by government data that showed U.S. crude stockpiles fell last week and as the market continued to worry about supply disruptions.

Autos stocks were the worst performers, losing one percent as a sector, amid lower-than-expected sales data. European car registrations dropped 5.2 percent, according to data published by the auto industry association ACEA. Nissan, Ford and Fiat Chrysler were reported to have led the losses during the first three months of the year.

The Stoxx 600's worst performer was CYBG, which saw its shares tumble five percent after the owner of Clydesdale and Yorkshire Bank said it expects to set aside another £350 million ($500.7 million) for legacy claims over missold payment-protection insurance. The increased provisions would bring its capital position below its guidance range.