The European stock markets closed sharply higher in Wednesday trading as the Stoxx Europe 600 climbed 1.67%, Germany's DAX surged 3.00%, the FTSE 100 rose 0.90% , France's CAC 40 advanced 2.13%, and the Swiss Market Index gained 1.39%.

The seasonally adjusted HCOB Flash Eurozone Composite PMI Output Index, based on about 85% of usual survey responses and compiled by S&P Global, declined to 50.1 in April from 50.9 in March, just hovering about the 50-point threshold separating expansion from contraction. The reading was the lowest in four months.

Meanwhile, the seasonally adjusted S&P Global Flash UK PMI Composite Output Index dropped to 48.2 in April from 51.5 in March, falling below the 50.0-point level for the first time since October 2023 and marking its lowest reading since November 2022.

And in corporate news, the European Commission said it fined tech giants Apple and Meta Platforms 500 million euros ($570.8 million) and 200 million euros, respectively, for violating the Digital Markets Act, which aims to protect consumers from large tech companies. The Commission is trying to "handicap successful" American businesses and letting Chinese and European companies adopt different standards, a Meta spokesperson told MT Newswires. "This isn't just about a fine; the Commission forcing us to change our business model effectively imposes a multi-billion-dollar tariff on Meta while requiring us to offer an inferior service," the spokesperson added. Apple did not immediately reply to MT Newswires' requests for comment.

Barclays, Citigroup, and KKR Capital Markets are backing $1.7 billion in debt financing for KKR's $3.1 billion acquisition of post-trade services firm OSTTRA, Bloomberg reported, citing unnamed sources familiar with the matter. KKR, S&P, Citi and Barclays declined to comment on the matter, while CME did not immediately respond to MT Newswires.

Shares of Barclays closed 5.8% higher in London trading.

Sanofi agreed to potentially invest up to 15 million euros ($17.2 million) in shares of fellow French pharmaceutical company Innate Pharma, as part of a review of their January 2016 research collaboration and license agreement.

Shares of Sanofi rose 2.3% in Paris.