European markets mostly rose Thursday after U.S. Federal Reserve Chair Jerome Powell said smaller interest rate hikes could begin in December.
European markets
The pan-European Stoxx 600 gained 0.76% and notched a six-month high. Tech stocks advanced, while oil and gas names struggled.
Speaking at an event Wednesday, Powell said he expects the central bank will be in a position to reduce the size of rate hikes as soon as next month. However, he warned that monetary policy is likely to stay restrictive for some time until real signs of progress on inflation emerge.
Global markets have also been buoyed in recent days by China's slight easing of Covid-19 lockdown measures. On Wall Street, the S&P 500 and Nasdaq Composite both rose slightly after inflation data, closely watched by the Federal Reserve, came in cooler than expected.