A wave of green swept over European stocks on Wednesday, with all sectors and regional markets rising amid an easing of myriad political tensions.

The Stoxx Europe 600 Index climbed 0.9%, with banks and retailers leading gains. Luxury stocks exposed to Hong Kong, such as Swatch, Richemont, Moncler and Hugo Boss, were among the biggest advancers on the benchmark after reports the city’s chief executive will formally withdraw the extradition bill that had sparked widespread protests.

Italy’s FTSE MIB Index was the best performer among European markets, up 1.5% as Giuseppe Conte cleared the last hurdle to become prime minister, after getting backing from supporters of the Five Star Movement in an online vote. In Britain, lawmakers supported moves to block Prime Minister Boris Johnson from taking the nation out of the European Union without a deal. The FTSE 100 Index added 0.7% and the FTSE 250 Index gained 0.5%.

Source: Bloomberg