By Ovunc Kutlu
ANKARA (AA) - European stocks closed with significant gains Thursday as softening inflation in the US eased worries about the Federal Reserve's future rate hikes.
The STOXX Europe 600, which includes around 90% of market capitalization of the European market in 17 countries, was up 11 points, or 2.75%, to finish at 431.89.
The UK’s FTSE 100 increased 79 points, or 1.08%, to close the fourth trading day of the week at 7,375.
Germany’s DAX 30 was the best performer of the day, soaring 479 points, or 3.51%, to 14,146.
France’s CAC 40 added 126 points, or 1.96%, to end the day at 6,556 and Spain’s IBEX 35 rose 92 points, or 1.15%, to reach 8,133.
Italy’s FTSE MIB jumped 614 points, or 2.58%, to 24,394 at the closing bell.
US annual consumer inflation came in at 7.7% in October, easing from 8.2% in September, according to Labor Department figures. The figure is the smallest 12-month gain since January 2022.
The softening of US inflation created the possibility that the Fed could lower the magnitude or slow the pace of rate hikes in coming months.