European stocks higher amid hopes that US rate hike cycle will ‎soon end

European stocks rose today, Tuesday, as investors hoped that the Federal Reserve (the US central bank) was nearing the end of its cycle to raise interest rates, while sentiment was also boosted by Chinese measures to support the faltering real estate sector.

According to “Reuters”, the European Stoxx 600 index rose 0.5 percent at the beginning of trading, and received the greatest support from the shares of mining companies and the industrial sector, which are among the sectors with exposure to China.

On Monday, China extended some policies as part of a package it announced in November to save the real estate sector, until the end of 2024.

The markets also digested comments from several Federal Reserve officials that indicated the US central bank was nearing the end of its rate hike cycle.

Daimler shares rose 1.1 percent after the German automaker raised its profit and revenue forecasts based on easing supply chain constraints.

Nordic Semiconductor shares plunged 5.6 percent in early trade, after the chipmaker reported second-quarter results.