2023-07-11 17:14:00
© Archyde.com. Screens display German DAX data at the Frankfurt Stock Exchange on Tuesday. Photo: Archyde.com.
(Archyde.com) – European stocks closed higher on Tuesday as investors hoped the Federal Reserve was close to ending its interest rate hike cycle, while China extended some monetary policy measures to support its ailing real estate sector.
The European index closed up 0.7 percent, ending trading higher for the third consecutive session. Irish stocks jumped 2.1 percent, to top European stocks.
Irish stocks rose, led by a 15.7 percent surge in King Span shares, after forecasting record profits in the first half of the year.
Mining was among the biggest gainers in Europe, rising 1.8 percent as metal prices rose thanks to Beijing’s support for the real estate market.
And China extended some policies as part of a rescue package it announced in November to save the real estate sector, until the end of 2024.
A number of Federal Reserve officials indicated that the US central bank is close to ending its interest rate hike cycle as markets now await some key US consumer price data due on Wednesday.
The British Financial Times index retreated from its European counterparts due to the pressure resulting from the strength of the pound on the index burdened with shares of export companies, after the data showed strong growth in wages in Britain.
Economic research institute ZEW said on Tuesday that German investor sentiment fell sharply in July.
The institute’s index of economic sentiment read -14.7 points from -8.5 points in June.
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Duaa Mohamed)
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