European stocks open higher, boosted by banking, resources sectors

European stocks rose on Tuesday, supported by strong performances from the banking and resources sectors, as investors awaited monetary policy decisions from the Federal Reserve and other major central banks, including the Bank of England, later in the day.

The pan-European STOXX 600 index rose 0.58% to 509.72, with the basic resources sector gaining 1.7% as base metals prices rebounded.

ArcelorMittal also rose 2.5% after reporting third-quarter core earnings that beat market expectations, boosting confidence in the steel sector, according to Reuters.

In the banking sector, the euro zone’s banking index rose 1.1%. Banco BPM, Italy’s third-largest lender, rose 6.6% on plans to make a takeover bid for asset manager Anima Holdings, in a deal that could be worth up to 1.6 billion euros ($1.7 billion). Anima shares jumped 8.6% in trading.