European stocks rose today, Tuesday, led by technology, travel, and leisure shares, as investors prepared for the reading of inflation in the Eurozone to anticipate when interest rate cuts might start next year. The Stoxx 600 index increased by 0.3% by 08:18 GMT, after a decline yesterday, Monday.
Investors are now awaiting the final inflation reading for November in the Eurozone, scheduled to be released today, while also monitoring personal consumption expenditure data from the United States set to be issued this week. This comes after the Federal Reserve's (US central bank) inclination towards monetary easing has recently boosted bets on an approaching interest rate cut, leading to strong gains in stocks worldwide.
UBS shares rose by 1.6% after civil investment firm Safyan Capital acquired a 1.3% stake in the bank. Covestro shares climbed by 2.4% following a report that Abu Dhabi National Oil Company (ADNOC) is prepared to increase its offer to acquire the German chemicals company. On the other hand, Norwegian energy group Equinor's shares lost 1.6% after RBC downgraded its stock rating.
