European Shares Rise As OECD Lifts Global Growth Outlook For Next Year

(RTTNews) - European stocks were moving higher on Wednesday after Eurozone November final services PMI was confirmed at 49.5 versus 49.2 preliminary.

Meanwhile, the global economy is projected to remain resilient despite significant challenges, according to the latest economic outlook report from the Organization for Economic Co-operation and Development (OECD).

The report projects global GDP growth of 3.3 percent in 2025, up from 3.2 percent in 2024, and 3.3 percent in 2026.

The single European currency held in a narrow trading range near 1.05 levels ahead of a crucial no-confidence vote by French lawmakers in parliament against Prime Minister Michel Barnier's government over a budget dispute.

Barnier kept his hopes alive by expressing willingness to negotiate the budget with Marine Le Pen's far-right National Rally and other parties.

The pan European STOXX 600 was up 0.3 percent at 517.08 after rising 0.4 percent on Tuesday.

The German DAX climbed 0.8 percent and France's CAC 40 added 0.4 percent while the U.K.'s FTSE 100 was down 0.2 percent.

French-Italian car maker Stellantis NV rose about 1 percent after denying reports it planned to pick Apple's Maestri as its new CEO.

German automakers BMW and Mercedes Benz were up 1-2 percent and France's Renault, which is enhancing its EV segment with an expansion into China, was up nearly 4 percent.

Monks Investment Trust rose about 1 percent in London after it reported a net asset value return of 6.3 percent for the first half of their financial year.

Rio Tinto shares fell about 1 percent. The mining giant has entered into a partnership agreement with the Swedish investment company Vargas, Mitsubishi Corporation and other international and local industry partners to study a low carbon aluminium greenfield opportunity in Finland.

Zigup shares slumped 7.3 percent after the vehicle rental specialist reported mixed half-year results.