European Equity Benchmarks Close Higher; Automotive Firms, Mining Stocks Lift Markets

The broad-based major European indices closed higher in Wednesday’s trading session, as automotive stocks, mining firms, utilities providers, and luxury goods retailers boosted the markets.

In economic news, the U.K.’s trade deficit on goods and services was estimated to have been GBP4.2 billion ($ 5.1 billion) in November, according to the Office for National Statistics ( ONS ). That is an increase of GBP2.6 billion from October, which reflects a GBP3.3 billion increase in imports, partially offset by a GBP700 million increase in exports.

The widening of the deficit was attributed to trade in goods in which there were increased imports from both E.U. and non-E.U. countries, partially offset by an increase in exports to E.U. countries.

In Spain, the monthly variation of the Industrial Production Index ( IPI ) for November 2016 stands at 1.7%, according to the Spanish Statistical Office. The annual rate of the IPI stands at 3.2% in the series adjusted for the seasonal and calendar effects.

The IPI is a situational indicator that measures the monthly development of productive activity of industrial branches in Spain.

In equities, mining stocks helped lift the FTSE in London as Anglo American, Rio Tinto, and BHP Billiton rose 3.8%, 1.6%, and 1.4% respectively. Electronics retailer Dixons Carphone gained 3.6%, while and payment processing company Worldpay Group, and telecoms giant BT each closed 2.4% higher.

In Frankfurt, utilities companies E.ON and RWE led the DAX into positive territory, rising 4.9% and 3.5% each. Automotive stocks also buoyed the market as automobile manufacturers Volkswagen and Daimler gained 3.4% and 0.8%, while tire maker Continental closed 1.3% higher.

And in Paris, automotive stocks also helped carry the CAC higher, as automakers Peugeot and Renault rose 3.4% and 0.6% each, while tire maker Michelin gained 1.4%. Luxury goods stocks also bolstered the market as Kering and LVMH Moet Hennessy Louis Vuitton increased 2.9% and 1.2% each.

The FTSE gained 0.21%, the DAX rose 0.54%, and the CAC-40 edged 0.01% higher.