European stocks rose at open amid optimism on Chinese ‎economy

European stocks rose on Tuesday, tracking the global rally in stocks after China eased COVID-19 restrictions, raising hopes for a recovery in the world’s second-largest economy.

According to Reuters, the pan-European STOXX 600 rose 0.6 percent after a long Christmas weekend. It had lost about 12 percent since the beginning of the year

Fears of economic recession due to central banks tightening monetary policy have severely affected European stocks this year.

China said it would waive quarantine requirements for inbound visitors, further easing border controls for three years aimed at curbing COVID-19.

Mining stocks rose 1.2 percent and energy stocks rose 1.4 percent, as commodity prices jumped on hopes of a recovery in demand in China.

LVMH shares rose 1.9 percent and Kering 1.3 percent. The two companies are exposed to China

The manufacturing and banking sectors increased for the second session in a row, which lifted the broader European index

Dealers and analysts said that weak trading volumes during the holidays affected market movements.