European stocks closed sharply higher Wednesday as EU leaders agreed on nominees to lead the bloc's main institutions for the next five years following a marathon summit.
The pan-European Stoxx 600 closed provisionally up by 0.8% at 392.58 , with the majority of sectors and all major bourses in positive territory. Travel and leisure stocks led the gains with a 2% jump.
European Union leaders agreed on Tuesday to nominate International Monetary Fund Managing Director Christine Lagarde as the new head of the European Central Bank. Euro zone bond yields tumbled on the news, and defensive stocks rallied as investors staked bets that the incoming head of the ECB will be a fan of low interest rates.
Source : CNBC