European Shares Close Higher Wednesday on German GDP Data Uptick

European shares finished higher Wednesday following an uptick in German GDP data and a rise in global markets ahead of the release of the Federal Open Market Committee's policy meeting minutes.

Stoxx Europe 600 was up 0.63%, London's FTSE 100 gained 0.51%, the Swiss Market Index added 0.07%, and France's CAC and Germany's DAX were up 0.73% and 0.63%, respectively.

Germany's final Q1 GDP growth of 3.8% surpassed the flash estimate of 3.7%. Also in Europe's largest economy, the GfK consumer climate for June edged up, with the survey foreseeing moderate gains in economic and income expectations.

However, ING said the GDP data "brings little relief" and the second consecutive quarterly fall in private consumption supports its view that Germany will post a mild economic contraction in Q2. It also noted that willingness to spend fell further in Q1 and matches the lows seen in the 2008 recession.

On the corporate front, TotalEnergies TTE closed the day up 2.86% in Paris after striking a deal with Global Infrastructure Partners to acquire 50% of Clearway Energy Group, its largest renewable energy sector acquisition in the US.

Meanwhile, Volkswagen VOW3 is ending the class-action "dieselgate" lawsuit in the UK by agreeing to pay 193 million pounds ($242.1 million), with the stock gaining 1.61% at close.