European markets closed higher on Wednesday, with gains in steel stocks following the EU’s proposal to lower shipment quotas for tariff-free steel imports and increase tariffs for volumes exceeding the limits. Despite political tensions in France and a sharp drop in German industrial output, most markets in the region remained positive. The Stoxx 600 rose by 0.79%, with the FTSE 100, DAX, CAC 40, and SMI also posting gains. UK market saw Antofagasta and Lloyds Banking among top gainers, while BMW suffered an over 8% decline after cutting revenue forecast due to U.S. tariffs and slow growth in China.

In the UK market, Antofagasta climbed about 3%. Fresnillo, Endeavour Mining, Rio Tinto and Anglo American Plc also closed on firm note. Lloyds Banking gained 3.7%. The bank announced that it is assessing the FCA’s motor finance redress scheme. Standard Chartered, Natwest Group and HSBC Holdings climbed 1.5 to 2.6%. Haleon, IAG, Marks & Spencer, Burberry Group, BAE Systems, Entain and St. James’s Place were among the other prominent gainers. ICG, Segro, Spirax Group, Croda International, LondonMetric Property, Metlen Energy & Metals, Land Securities, Auto Trader Group and Associated British Foods ended notably lower.

Read more at Nasdaq: European Markets Close On Firm Note After EU’s New Measures