European Stocks Close On Buoyant Note

(RTTNews) - European stocks closed on a buoyant note on Tuesday as investors indulged in hectic buying right through the day's session, as bond yields fell after dovish comments from Federal Reserve Officials.

Top Fed officials indicated on Monday that rising bond yields and the resultant tightening of financial conditions might prompt the U.S. central bank to stand pat on interest rates until year-end.

Reports that China will announce additional stimulus to boost the nation's economy contributed as well to the upbeat mood in the European markets today.

Markets had tumbled on Monday as rising tensions in the Middle East weighed on sentiment.

The pan European Stoxx 600 climbed 1.96%. The U.K.'s FTSE 100 surged 1.82%, Germany's DAX gained 1.95% and France's CAC 40 advanced 2.01%, while Switzerland's SMI moved up 1.66%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye all ended sharply higher.

Russia edged up marginally, while Iceland closed weak.

In the UK market, Just Eat Takeaway.com rallied 7.5%. TUI, Pennon, Anglo American Plc, Carnival and Flutter Entertainment climbed 5 to 7%.

Antofagasta gained nearly 5%. Ashtead, ICP, Entain, Easyjet, Royal Mail, Hargreaves Lansdown, JD Sports Fashion, Land Securities, Segro, Croda International and Persimmon gained 3.5 to 4.8%.

Rolls-Royce Holdings, Glencore, Barclays, Natwest, ITV, Schrodders, Lloyds Banking and Ferguson also ended sharply higher.

In the German market, Zalando surged more than 4.5%. Sartorius, RWE, Siemens Energy, MTU Aero Engines, BASF, Siemens, Infineon, Bayer and BMW gained 3 to 3.6%.

Siemens Healthineers, Symrise, Deutsche Bank, Adidas, Volkswagen, Puma, Vonovia and E.ON ended higher by 2 to 3%.

In Paris, Alstom surged 4.5%. Renault, Teleperformance, Kering, LVMH, Safran, Stellantis, Hermes International, L'Oreal, Dassault Systemes, Capgemini, Schneider Electric, Danone, STMicroElectronics, Airbus, Engie and Saint Gobain gained 2 to 4%.

A report from the British Retail Consortium said UK retail sales growth slowed in September as households reduced spending on big ticket items.

Retail sales advanced 2.7% on a yearly basis compared to an increase of 4.1% in August. In the same period last year, sales advanced 2.2%.

The International Monetary Fund (IMF) downgraded the global growth forecast for next year, saying the projections are weakest in decades, while the likelihood of a soft-landing has increased with growing divergences amid modestly easing inflationary pressures.

Global growth was forecast at 3% this year, the IMF said in its October World Economic Outlook report released on Tuesday at Marrakech, Morocco, where the lender is holding its annual meeting.

That was the same as the projection in the July update to the WEO, while higher than the April forecast of 2.8%. The growth outlook for 2024 was lowered to 2.9% from 3% seen in both April and July. The projections remain below the historical average of 3.8% for 2000-2019, the lender said.