ISTANBUL
European stock markets closed with gains midweek, led by a slight recovery in US stock markets despite growing investor concerns about high valuations of artificial intelligence (AI) and tech companies.
The pan-European Stoxx 600 index rose 0.23%, or 1.32 points, to close out Wednesday at 571.9.
Germany's DAX 40 index was up 0.42% to end at 24,049.74 points, and the UK's FTSE 100 gained 0.64% to end at 9,777.08 points.
France's CAC 40 rose 0.08% to 8,074.23, and Italy's FTSE MIB index added 0.41% to close at 43,438.49 points.
Investors in European equity markets were focused on US labor market data, as well as the high valuations of AI-related stocks and tech companies.
The US is going through its longest government shutdown in history, causing delays in economic data flow. Investors looking for additional clues about the state of the economy are closely monitoring alternative indicators.
Data released Wednesday by the ADP Research Institute in the US showed that private sector nonfarm payroll employment rose by 42,000 in October, exceeding market expectations.
Analysts noted that the recovery in private sector employment in October somewhat alleviated concerns about a weakening labor market. While the data tempered expectations for an interest rate cut, it also reflected a strong economy.
Meanwhile, shares of German luxury carmaker BMW gained 6.9% after its automotive division's operating profit margin rose slightly more than analysts expected in the third quarter.