European Stocks Rebound

European stocks closed higher on Wednesday, bolstered by signs of a rapid decline in inflation in the UK, which boosted British stocks, while shares of Belgian pharmaceutical company Argenx tumbled after a failed drug trial. The Stoxx 600 index closed up 0.3 percent, and the FTSE rose 1 percent after data showed UK inflation fell in November to its lowest level in over two years, leading to increased bets that the Bank of England would cut interest rates in the first half of next year. Growth in other major regional markets paused after a recent series of gains as investors assessed comments from policymakers at the European Central Bank. Data showed German producer prices fell more than expected in November, just a day after another report confirmed that inflation in the eurozone slowed sharply to 2.4 percent year-on-year last month. Overall, hopes for monetary easing next year have propelled the Stoxx 600 to rise nearly 13 percent since the beginning of the year, with the DAX and CAC 40 indices nearing record levels. Argenx shares plummeted 25.6 percent on Wednesday, marking the largest percentage loss ever, after a drug for autoimmune conditions failed its trial in patients with two skin diseases.