European stock markets closed higher on Wednesday in the backdrop of British Prime Minister Rishi Sunak's promise to halve inflation and boost the United Kingdom's economy. In addition, the latest reports revealed somewhat better-than-expected results in the Eurozone's economic activity, France's inflation, and Germany's services sector.

The DAX closed 2.18% higher as The Vonovia SE jumped by 5.41%. The FTSE 100 advanced 0.41%, with Ocado Group the best performer, rising 7.83%. The CAC 40 gained 2.30%, as Alstom SA climbed 6.46%. The European Stoxx 50 rose by 2.36%, with Prosus, whose shares surged 6.24%, pulling the index up.

The euro grew by 0.54% against the dollar at 5:30 pm CET to sell for $1.06095. At the same time, the pound sterling increased by 0.55% to sell for $1.20392.