European stocks rise, supported by energy companies

European equities opened higher on Tuesday as BP’s earnings strengthened energy stocks and hopes the Federal Reserve will slow the pace of interest rate hikes next month and strengthen investor sentiment.

According to “Reuters”, the European Stoxx 600 index jumped 1.1% at 0808 GMT, after closing October at its highest level in more than six weeks.

Shares in oil and gas were up 1.5%, with BP gaining 0.1%, as the company announced a third quarter profit of $ 8.15 billion, higher than previous expectations, and other share buybacks for $ 2.5 billion.

Total Energies shares rose 2.4%, like Rise in the price of oil sector more generally. BP and Total Energy were among the biggest gainers in the European index.

Global equity markets are gearing up for the Federal Reserve’s two-day monetary policy meeting. Investors are expecting a 75 basis point hike in the lending rate tomorrow, Wednesday, but there are still hopes that the central bank will announce a lower 50 basis point hike in December.