European Markets at Close Report: European markets extend comeback to close higher but October losses weigh I CNBC
Europe's basic resources stocks were the top performers, surging almost 3.6 percent higher amid stronger-than-anticipated earnings news.
Despite the late-October rally, Britain's FTSE 100 is down about 5 percent for the month, the Euro Stoxx 600 down 5.6 percent while the S&P 500 in the United States has lost almost percent.
Looking across the European benchmark, L'Oreal rose towards the top of the European benchmark, after reporting higher third-quarter sales from a year ago. Shares of the Paris-listed stock jumped 6.7 percent on the news.
Standard Chartered also rose 3.2 percent after reporting a jump in profits from a year ago. Banco Santander shares ended up 2.1 percent after third-quarter profits surged.
Meanwhile, tire maker Nokian Renkaat slumped towards the bottom of the index after cutting its outlook on the back of lower third-quarter sales. The Finnish company sank 10 percent during mid-morning deals.
A rebound on Wall Street helped push equity markets up on Wednesday. U.S. stocks erased some of the steep losses seen in October thanks to strong performances in both communications and consumer discretionary stocks.
Sterling spiked following the news and was up more than 0.4 percent versus the dollar as the European closing bells rang.
The letter, dated October 24 but published Wednesday, further stated that "the end is now firmly in sight and, while obstacles remain, it cannot be beyond us to navigate them."
Euro zone inflation rises
In the meantime, investors will keep monitoring developments between Brussels and Rome. The European Commission told Italy on Tuesday that its large debt pile is a concern for the entire region.