European stock market starts November higher, eyes on Fed

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European stocks rose on Tuesday, starting November on a positive note amid expectations that the Federal Reserve will slow the pace of its interest rate hikes.

The pan-European STOXX 600 index closed up 0.58% at 414.61 points, hitting a closing high of nearly seven weeks, with miners and retailers leading the gains.

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Investors expect the US central bank to raise its interest rate by 0.75 percentage point on Wednesday, but expectations remain that the Fed will adopt a smaller 0.5-point increase in December.

A better-than-expected earnings season recently helped lift the STOXX 600, but concerns about the eurozone slipping into recession remain alive, with the European Central Bank promising further monetary policy tightening to fight record inflation.

  • In LONDON, the Financial Times index advanced 1.29%, to 7,186.16 points.
  • In FRANKFURT, the DAX index rose 0.64% to 13,338.74 points.
  • In PARIS, the CAC-40 index gained 0.98% to 6,328.25 points.
  • In MILAN, the Ftse/Mib index appreciated by 0.63%, at 22,795.64 points.
  • In MADRID, the Ibex-35 index registered an increase of 0.53%, at 7,999.00 points.
  • In LISBON, the PSI20 index rose by 1.92%, to 5,827.92 points.
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Source: CNN Brasil

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