European stocks close higher despite fears over gas supplies, growth; Deutsche Bank down 6% – CNBC

LONDON — European stocks closed higher Wednesday despite fears of a slowdown in global economic growth, as traders digested a deluge of earnings.

The pan-European Stoxx 600 index closed up by 0.6% provisionally with nearly all sectors and major bourses in positive territory.

Investors are also watching the halting of Russian gas supplies to Poland and Bulgaria closely after Gazprom told both countries that it was halting supplies because they had refused to pay for the gas in rubles, as Moscow demanded recently. The move pushed European gas prices higher and the euro lower.

The move also coincides with a sharp rise in tensions between Western allies and Russia as the war in Ukraine continues into a third month.

Earnings season

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U.S. stocks bounced Wednesday as the market attempted to recover from April’s technology-led sell-off a day after the Nasdaq Composite posted a new low for the year.

Heightened tensions over the Russia-Ukraine war persist. On Monday, Russia said that the threat of a nuclear war is very significant, with Foreign Minister Sergey Lavrov stressing the risks should not be underestimated. U.S. Defense Secretary Lloyd Austin responded by calling the nuclear war rhetoric “very dangerous and unhelpful.”

— CNBC’s Ryan Browne and Silvia Amaro contributed reporting to this market report.

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