LONDON — European stocks preliminarily closed in positive territory on Thursday, with Ukraine peace talks in focus.
The pan-European Stoxx 600 was 0.5% higher at the closing bell, with most major bourses and sectors making gains.
Apparel companies book-ended the index on Wednesday as Zara's parent company Inditex topped the Stoxx 600 after it reported strong nine-month results on Wednesday, closing the session 10% higher and extending gains on Thursday as it advanced 2.7%.
Hugo Boss, meanwhile, slipped 0.9% during the session. It follows a 10% drop in the previous session after the company lowered its earnings guidance.
Volvo Cars on Wednesday reported a 10% year-on-year drop in November sales. It sold 60,244 cars last month and saw growth only in its fully electric models, which Chief Commercial Officer Erik Severinson said was "encouraging" despite U.S. sales remaining "subdued" after the phase-out of EV tax credits.
Shares of Jeep owner Stellantis advanced around 3.6%, cementing Wednesday's gains, after Swiss investment bank UBS upgraded the stock to a Buy rating and advised investors to bet on the firm's "American comeback." UBS said it expects Stellantis to regain market share by around 120 basis points year-on-year in 2026, adding that the car maker would also get a boost from relaxed U.S. emissions standards and internal cost-cutting measures.
Ukraine-Russia peace negotiations continue as Rustem Umerov, the head of Ukraine's national security council, is expected to meet U.S. special envoy Steve Witkoff for talks in Miami on Thursday. It comes after discussions held between Russia and the U.S. failed to deliver a breakthrough on Tuesday.
French President Emmanuel Macron is in Beijing on Thursday for a meeting with Chinese President Xi Jinping. The French leader is expected to urge his Chinese counterpart to do more to cooperate on Ukraine resolution.
It follows moves by the European Union to use frozen Russian assets as a 'reparations loan' to Ukraine, though the idea has been blocked in previous attempts.
On currency, the euro hit a seven-week high of $1.167 against the dollar on Wednesday, as the greenback continues to see some depreciation despite stabilizing somewhat in the second half of the year. The cross rate was last seen at $1.1658.
Asia-Pacific markets mostly rose on Thursday as global investors looked ahead to the Federal Reserve's interest rate decision on Dec. 10.
Markets are pricing a roughly 89% chance of a rate cut during the upcoming meeting, which is much higher than the odds from mid-November, according to the CME FedWatch tool.