LONDON — European stocks moved higher on Tuesday as positive sentiment continues in the final trading days of 2022.
Germany’s DAX climbed by around 0.8% in early trade, while France’s CAC40 was up around 0.9% and Italy’s FTSE MIB around 0.7%. The UK’s FTSE index is closed Tuesday for a public holiday.
Sector-wise, autos and chemicals both added 1.6% to lead gains as most sectors traded in positive territory.
Stocks in Europe received a boost from their counterparts in Asia-Pacific after China officially announced overnight that it will end quarantine for inbound travelers on Jan. 8 — symbolizing an end to the zero-Covid policy that it has held for nearly three years. Health officials are slated to hold a press briefing on Covid at 3 pm Beijing time.
The Shanghai Composite rose 1% and the Shenzhen Component gained 0.9% on the news while markets in Hong Kong, Australia and New Zealand were closed for the Christmas holiday.
Stateside, US stock futures rose on Tuesday morning as investors looked to see whether a Santa Claus rally will appear before year-end.
Friday marked the start of the time period for a Santa Claus rally, which is typically considered the final five-day trading stretch in the current year, as well as the first two trading days in the new year. Markets were closed Monday for the Christmas holiday.
There are no major earnings or data releases in Europe on Tuesday.
— CNBC’s Sarah Min and Jihye Lee contributed to this market report.