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European markets closed higher on Wednesday as investors digested new data, more earnings and developments in the U.K.'s departure from the EU.
The pan-European Stoxx 600 closed up 0.5 percent provisionally with most major bourses and sectors in positive territory. The oil and gas sector closed 1.5 percent higher, with heavyweights like Shell and BP boosting benchmarks, as oil prices rose on ongoing supply cuts from producer group OPEC and U.S. sanctions against Iran and Venezuela.
Investor attention was also firmly focused on the fallout from the U.K.'s decision to reject its Brexit deal with the EU on Tuesday evening. British MPs will now vote on Wednesday on whether to leave the EU without a deal. If they reject that option, as expected, MPs will then get to vote on Thursday on whether to request a delayed departure from the EU.
Sterling surged on Wednesday and by 4:00 p.m. London time was on track for its biggest daily gain of 2019.
In other news, the U.S. continues to stand by Boeing as investigations continue into the cause of the Ethiopian Airlines crash on Sunday in which 157 people on board died. Aviation regulators around the world, including China, Britain and the EU, have grounded all operations of Boeing 737 Max planes following the crash but the U.S. Federation Aviation Authority has said it will not suspend the planes' operation despite mounting pressure.
On Wall Street, stocks rose as tech shares outperformed while investors digested the release of solid economic data. Boeing shares initially lifted the broader market, rising more than 1 percent, but later gave back that gain after Canada announced it would ban flights from the company's beleaguered 737 MAX jets.
Back in Europe, Adidas shares slipped 3 percent after it said it expected supply chain issues to constrain U.S. growth in the first half of 2019.
E.ON shares fell 2 percent after it forecast on Wednesday largely stable operating earnings for 2019, adding that it expected rising profits at its networks and renewables units to offset a decline in retail, according to Reuters.
On the data front, euro zone industrial production figures for January came in stronger than expected and the U.K. cut its growth forecast for this year.
—CNBC's Fred Imbert contributed to this article.