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European markets closed higher on Wednesday, with corporate earnings season in full swing and a meeting of the European Central Bank looming.

The pan-European Stoxx 600 ended up 0.6% for the time being, after bouncing on either side of the flatline during the trading session. Mining stocks rose 2.5% to make a profit, while food and beverage stocks fell 0.5%.

The European blue chip index ended Tuesday’s session at 1.4%, reaching its highest level since September 19.

Corporate earnings are an important driver for share price movements in Europe. Deutsche Bank, Barclays, Standard Chartered, Mercedes Benz, Heineken and Reckitt Benckiser came before the bell on Wednesday.

Investors are also looking forward to Thursday’s meeting of the European Central Bank, when it is widely expected to raise interest rates by 75 basis points; and for signs of quantitative tightening as the EU heads into a possible recession.

US stocks rose for the third day in a row on Tuesday as soft economic data indicated the Fed may not need to be as aggressive with rate hikes, although stock futures were lower Wednesday morning after Alphabet’s earnings disappointed.

A slew of US companies will report on Wednesday, including Meta, Coca Cola and McDonalds, and data is available on weekly mortgage applications, wholesale inventories and new home sales.

Markets in Asia-Pacific reacted higher to Fed expectations and comments from the China Securities Regulatory Commission about creating a “regulated, transparent, open, vibrant and resilient” market.

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