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European stocks closed higher on Wednesday on the back of a strong session on Wall Street, despite troubling economic indicators in the region.

The pan-European Stoxx 600 index ended up 1.6%, with almost all sectors and major bourses firmly in positive territory.

It comes after Wall Street began the month in the black, with the S&P 500 and tech-heavy Nasdaq index closing at record highs, building on the best August performance for U.S. stocks since the 1980s.

On the earnings front, French spirits maker Pernod Ricard said it would take a 1 billion euro impairment charge for the full financial year due to the shutdown of bars and restaurants by the coronavirus pandemic. The firm reported a 13.7% drop in profit to 2.26 billion euros in the year ended June 30. Still, Pernod Ricard stock was up 2.5% as the decline in profits was not as bad as the company had feared.

Reference: CNBC