European markets advance as upbeat sentiment continues
1 min read
European stocks moved higher on Tuesday as positive sentiment continues in the final trading days of 2022.
Germany’s DAX climbed by around 0.8% in early trade, while France’s CAC 40 was up around 0.9% and Italy’s FTSE MIB around 0.7%. The U.K.’s FTSE index is closed Tuesday for a public holiday.
Sector-wise, autos and chemicals both added 1.6% to lead gains as most sectors traded in positive territory.
Stocks in Europe received a boost from their counterparts in Asia-Pacific after China officially announced overnight that it will end quarantine for inbound travelers on Jan. 8 — symbolizing an end to the zero-Covid policy that it has held for nearly three years. Health officials are slated to hold a press briefing on Covid at 3 p.m. Beijing time.
The Shanghai Composite rose 1% and the Shenzhen Component gained 0.9% on the news while markets in Hong Kong, Australia and New Zealand were closed for the Christmas holiday.
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