European shares closed lower on Tuesday as markets await the outcome of a critical vote in Cyprus to tax bank deposits.
The operator of the U.K.'s third-biggest supermarket chain J Sainsbury, beat expectations on Tuesday with quarterly like-for-like sales (excluding fuel) rising by 3.6 percent. Analysts polled by Reuters had expected a rise of just 2.3 percent.
Rallying telecom stocks and a bullish start to the new earnings season propelled Europe's top shares to fresh 22-month closing highs.
Supermarket chain Sainsbury plans to combine cost cuts with expansion in 2013, CFO John Rogers told CNBC Wednesday, with the group determined to lure more cash-strapped consumers to its mid-range supermarkets.