European Stocks Close On Upbeat Note On All-round Buying

(RTTNews) - European markets closed on an upbeat note on Tuesday as stocks kept surging higher and higher after opening on a firm note, amid rising hopes the Fed and other major central banks will be less aggressive with regard to rate hikes in the coming months.

Data showing a drop in the pace of U.S. manufacturing activity in the month of September, and a fall in U.S. job openings in August, have helped ease fears about any aggressive policy move by the Fed.

The dollar extended its slide and bond yields declined, helping improve investors' appetite for riskier assets.

Earlier today, the Reserve Bank of Australia hiked rates by less than expected, saying it wants to strike a balance between tightening policy and ensuring that economic growth remains steady.

The pan European Stoxx 600 climbed 3.12%. The U.K.'s FTSE 100 surged 2.57%, Germany's DAX rallied 3.78% and France's CAC 40 gained 4.24%. Switzerland's SMI advanced nearly 3%.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye all ended with strong gains. Russia edged up marginally.

In the UK market, Flutter Entertainment soared 9.25%. Ocado Group, ICP, IAG, Hargreaves Lansdown, Prudential, Whitbread, Rolls-Royce Holdings and Melrose Industries surged 6.5 to 9%.

Entain, Legal & General, St. James's Place, Admiral Group, Ashtead Group, CRH, 3I Group and HSBC Holdings also rose sharply.

In Paris, Atos moved up over 8%. AXA, Essilor, LVMH, Schneider Electric, Airbus Group, Hermes International, Kering, CapGemini, STMicroElectronics, Safran, Publicis Groupe, Sodexo and Faurecia rallied 5 to 7.2%.

In the German market, Zalando climbed 8.25%. HelloFresh, Infineon Technologies, Sartorius, Adidas, Puma, Deutsche Bank, Siemens, Porsche Automobil, Covestro, MTU Aero Engines, SAP, HeidelbergCement, Volkswagen, Munich RE, Continental, Daimler and Brenntag surged 3.5 to 7.25%.

In economic news, eurozone producer price inflation accelerated more-than-expected to a fresh record high in August amid soaring energy prices, data released by Eurostat showed.

Producer prices climbed 43.3% year-on-year in August, faster than the revised 38% rise in July. That was just above the 43.1% increase expected by economists.

A jump in energy prices of 116.8% was largely responsible for the acceleration of inflation in August.