European stocks rise to all-time high in 3 months after Powell’s speech

European stocks soared to all-time highs in three months today, Thursday, supported by the indication of the head of the Federal Reserve (the central bank of the United States) that the next period will see a reduction in the pace of rate hikes, as well as China softening its rhetoric on the hard rules to fight the Covid-19.

The Stoxx 600 index rose 0.9%, after recording its best in November performance monthly since July, and rose 6.8%.

Technology and industrials stocks were among the biggest gainers in the prime stages of tradingaccording to Reuters.

However, energy stocks fell, which limited the index’s gains, after oil prices fell on uncertainty in view of the OPEC+ group meeting scheduled for Sunday.

Investors seem to focus on data showing that retail sales in Germany fell more than expected in October, as inflation deterred consumers from non-essential purchases at the start of the fourth quarter.

HSBC shares fell 1.9% after announcing a possible sale of its assets on Wednesday in New Zealand and plans to close 114 branches in Britain, bank’s latest measures as it struggles to improve its revenues amid criticism from a major investor.

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