European Stocks Rise Amid Expectations of Interest Rate Cuts

European stocks saw an increase on Thursday, led by companies in the mining and insurance sectors, as markets appeared ready to finish the year strong with hopes that major global central banks might lower borrowing costs next year. The Stoxx 600 index rose by 0.3% by 08:11 GMT, hovering close to a 23-month high recorded two weeks ago. The basic resources sector, which includes shares of major European mining companies, led the gains with a 0.7% increase, marking the third consecutive day of gains, while the insurance sector rose by 0.5%. The European benchmark index is on track for an approximately 13% gain this year, during which the technology and retail sectors have been among the best performing. Global markets have rallied since mid-December when the Federal Reserve hinted at the possibility of considering interest rate cuts next year. However, the European Central Bank's forecasts were different. Trading is expected to be limited in the coming days as the year ends. Among individual stocks, Vestas Wind Systems continued its gains for the sixth consecutive session, rising by 2.3% after the Danish wind turbine manufacturer announced it had received an order for 1,089 megawatts in the United States.