© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 12, 2023. REUTERS/Staff/File Photo
(Reuters) – European shares rose on Thursday, with miners and insurers leading the charge as markets looked set to finish the year strong amid persisting hopes that major global central banks could cut borrowing costs next year.
By 0811 GMT, the pan-European added 0.3%, hovering near its 23-month high hit two weeks ago.
Basic resources, which houses Europe’s major mining firms, led gains early on, rising 0.7%, clocking its third straight day of gains, while the insurance sector added 0.5%.
The European benchmark index eyes a near 13% advance this year with technology and retail amongst the best performing sectors this year.
Global markets have rallied since mid-December when the U.S. Federal Reserve hinted that it could look at rate cuts next year. However, the European Central Bank (ECB) did not share a similar outlook.
Volumes are expected to be light with only a few trading days left in the calendar year.
Among individual stocks, Vestas Wind Systems extended gains to a sixth straight session, rising 2.3% after the Danish wind turbine-maker said it received a 1,089 MW order in the United States.
(This story has been corrected to say ‘Thursday’ instead of ‘Wednesday’ in paragraph 1)
