European stocks up amid optimism about US debt ceiling deal

European stocks started trading today, Thursday, on the rise, reflecting a sense of optimism on Wall Street, against the backdrop of indications that Washington is close to reaching an agreement on raising the US debt ceiling and avoiding default.

By 0708 GMT, the pan-European STOXX 600 index was up 0.4 percent. Automotive and technology stocks led the gains

According to “Reuters”, US stocks rose on Wednesday after President Joe Biden and Republican House Speaker Kevin McCarthy confirmed their intention to reach an agreement soon to raise the debt ceiling and avoid a catastrophic economic slump.

Volkswagen shares rose 2.6 percent, driven by the automaker’s plans to renew its core brand with the aim of increasing efficiency and returns.

The stock was the biggest gainer on the German DAX index, which rose 0.9 percent to its highest level in a year and a half.

While Deutsche Bank AG shares fell 1.3 percent after it agreed to pay $ 75 million to settle a lawsuit filed by women who said they were sexually abused by the late businessman Jeffrey Epstein, and accused the German bank of facilitating sex trafficking.