The pan-European Stoxx 600 index rose 0.50 per cent and MSCI’s gauge of stocks across the globe gained 0.07 per cent.“European markets initially raced out of the traps in early trade after Asia markets rallied strongly on unconfirmed reports that China was looking at a plan for the unwinding of its current zero-Covid strategy,” said CMC Market analyst Michael Hewson.
“While this might come across as wishful thinking for the most part, Chinese authorities will have to relent on this policy at some point, although it’s unlikely to happen much before March next year.”Wall Street’s main indexes fell after data pointing to strength in the labour market dented hopes that the Federal Reserve would signal an easing in the pace of its interest rate hikes.