European stocks hit 3-month high supported by Powell’s ‎speech ‎

European stocks rose to their highest levels in three months on Thursday, supported by the US Federal Reserve chairman’s indication that the coming period will witness a reduction in the pace of interest rates, as well as China’s softening of its rhetoric on strict rules to combat Covid-19.

According to “Reuters”, the Stoxx 600 index rose by 0.9 percent by 0810 GMT, after it recorded in November the best monthly performance since July, and increased 6.8 percent.

The technology and industry sector shares were among the largest gainers in early trading.

However, energy stocks fell, which limited the index’s gains, after oil prices fell amid uncertainty ahead of the OPEC + group meeting scheduled for Sunday.

Investors seem to be focusing on data showing that retail sales in Germany fell more than expected in October, as inflation deterred consumers from unnecessary purchases at the start of the fourth quarter.

HSBC shares fell 1.9 percent after announcing on Wednesday a possible sale of its New Zealand business and plans to close 114 branches in Britain, among the latest measures taken by the bank, which is struggling to improve its revenues amid criticism from a major investor.