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European markets close higher amid profit taking
European markets closed marginally higher on Wednesday, with most major sectors and markets ending in positive territory as investors digested more earnings reports in the region.
The European Stoxx 600 index closed 0.3% higher, with the food and beverage stocks sector rising 1.7% during the session.
Food and beverage stocks rose 1.8%, while mining stocks fell 1.3%.
BMW shares fell about 3% after the company announced a decline in its first-quarter profit margin amid rising costs and weak demand for its luxury cars.
At the same time, shares of the German energy company Siemens rose, and the stock jumped 12.8% after the company raised its expectations for 2024 on the back of the strength of its electricity grid business.
In another context, the Swedish central bank lowered interest rates for the first time in eight years on Wednesday, in another sign of the difference in monetary policy between the United States and Europe.
