FX.co ★ European Stocks Extend Gains

On Tuesday afternoon, European stocks continued their upward trend, with the STOXX 50 index increasing by 0.8% and the broader STOXX 600 advancing by 0.6%. This positive momentum followed weaker-than-anticipated US economic data, which heightened expectations for a potential Federal Reserve rate cut as early as December. US retail sales saw only a modest rise of 0.2%, falling short of the predicted 0.4% increase, while ADP data indicated an acceleration in job losses for the four weeks ending November 8. In the financial sector, bank stocks fueled the growth, with notable gains from Société Générale, UniCredit, Banco Santander, BNP Paribas, and BBVA, each climbing by more than 2%. Conversely, RWE and SAP were among the session’s underperformers, declining by 1.8% and 1.5%, respectively. Beazley experienced the most significant drop on the STOXX 600, plummeting nearly 10% after revising its written premium outlook downward. On a positive note, ABN AMRO saw a rise of over 4% following its announcement to cut 5,200 jobs by 2028 as part of a strategy to streamline operations and reduce expenses. Kingfisher also reported a strong performance, surging 4.8% after raising its full-year profit forecast, positioning itself as one of the top performers on the STOXX 600.