European shares gain on hopes of end to Fed rate hikes, China stimulus


(Reuters) – European shares rose on Tuesday as investors hoped the U.S. Federal Reserve was closing in on the end of its interest rate hiking cycle, while China’s policy measures to prop up its battered real estate sector also boosted sentiment.

The pan-European STOXX 600 was up 0.5% by 0707 GMT, with miners and industrial stocks, which are among the sectors that have exposure to China, being the biggest boosts to the index.

On Monday, China extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector.

Markets also digested comments from several Fed officials signalling the U.S. central bank was nearing the end of its rate hiking cycle.

Daimler Truck rose 1.1% after the German automaker raised its profit and revenue guidance on easing of supply chain constraints.

Shares of Nordic Semiconductor opened 5.6% lower after the chipmaker reported second-quarter results.

(Reporting by Matteo Allievi in Gdansk and Amruta Khandekar in Bangalore; Editing by Rashmi Aich)

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