European Stocks Close On Upbeat Note On All-round Buying

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(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.

U.S. Dollar Higher On Trade Hopes

The U.S. dollar appreciated against its major counterparts in the New York session on Friday, as investors focused on developments on the trade front.

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After a positive start and a subsequent rise to higher levels Friday morning, the Switzerland market remained firm despite paring some gains, and ended the day's session on a bright note. Data showing a sharp jump in Swiss industrial production in the first-quarter aided sentiment.

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European stocks closed higher on Friday thanks to easing trade tensions following the announcement of the U.S.-China deal earlier in the week, and reports that the EU bloc's talks with the U.S. for a reduction in tariffs are making positive progress.

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U.S. Consumer Sentiment Unexpectedly Continues To Deteriorate In May

Consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index dipped to 50.8 in May after slumping to 52.2 in April. Economists had expected the index to inch up to 53.4.

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U.S. Import, Export Prices Unexpectedly Inch Higher In April

The Labor Department released a report on Friday unexpectedly showing modest increases by both U.S. import and export prices in the month of April. The report said import prices crept up by 0.1 percent in April after falling by a downwardly revised 0.4 percent in March.

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U.S. Housing Starts Rebound Less Than Expected In April, Building Permits Pull Back Sharply

While the Commerce Department released a report on Friday showing a rebound by new residential construction in the U.S. in the month of April, the report also showed a substantial pullback by building permits during the month.

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Eurozone Trade Surplus Surges On Exports To US

The euro area trade surplus grew strongly in March as exports to the U.S increased sharply ahead of the expected increase in trade tariffs. The trade balance showed a surplus of EUR 36.8 billion compared to a EUR 22.8 billion surplus in the same period last year, Eurostat reported Friday.

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EURUSD	1.11549	GBPUSD	1.32809	AUDUSD	0.64069
USDJPY	145.873	USDCAD	1.39826	USDCHF	0.83882

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European Stocks Close On Upbeat Note On All-round Buying