2023-06-13 17:18:00
The Stoxx 600 rose 0.6%.
European stocks rose on Tuesday, after moderate US inflation data boosted bets that the Federal Reserve will refrain from raising interest rates this week, while miners rose as metal prices rose after China cut interest rates.
The Stoxx 600 index closed up 0.6%, tracking the impact of gains in global financial markets.
And US consumer prices recorded a modest increase in May and the lowest annual increase in the inflation rate in more than two years, which reinforces expectations that the US central bank will keep interest rates unchanged tomorrow, Wednesday, according to Archyde.com.
“The markets are now leaning towards the US central bank not raising (interest rates),” said Steve Sosnick, chief strategist at Interactive Brokers.
The European Central Bank will hold its monetary policy meeting on Thursday and is expected to raise interest rates by another 25 basis points to curb inflation.
The technology sector index rose 1.4%, while mining stocks jumped 2.7%, to a seven-week high.
Industrial metal prices rose after China’s central bank cut interest rates for short-term lending for the first time in 10 months on Tuesday.
Among individual stocks, Denmark’s Maersk jumped 4.6% after it said it had secured the fuel needed for the first carbon-neutral methanol-powered container ship on its maiden voyage from South Korea to Denmark.
Admiral shares fell 5.1% after traders said Citi had downgraded the British home and motor insurance company.
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