European Shares Close Higher After Rough Session

European stock indices lost their momentum to trade almost flat on Wednesday, as the global rebound of last session hesitates over uncertainty and fears about the surging infections with Omicron coronavirus variant.

The US spending bill, and a worrying backdrop of rising inflation rates contributed to the performance of shares on Wednesday.

On the pandemic front, Portugal introduced new restrictions on the service sector, closing nightclubs and daycares and lowering the maximum capacity at commercial venues, whilst France mulls extending vaccine mandate to workplaces.

ECB’s board member Isabel Schnabel said inflation will remain high for a certain period but it will ease through the course of 2022.

On the data front, UK’s Q3 GDP final estimates showed a slower than expected expansion over the prior quarter, as investors prepare for the impact of the omicron variant in the final quarter of the year.