European stocks continue rally at Tuesday close

By Tuba Sahin

ANKARA (AA) - European stocks closed Tuesday with strong gains fueled by expectations of central banks to ease the pace of tightening.

According to Eurostat data on Tuesday, euro area producer prices rose 5% month-on-month in August, slightly above the market estimate of a 4.9% hike.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, jumped 3.12%, to close over 403.

The UK’s FTSE 100 increased 2.57%, to finish the session at 7,086. Germany’s DAX 30 gained 3.78%, to reach 12,670.

France’s CAC 40 was the best performer of the day, surging 4.24% to 6,039.7 at the closing bell.

Italy’s FTSE MIB climbed 3.35%, to 21,676. Spain’s IBEX 35 hiked 3.14%, to close at 7,696.