European stock market opened higher on May 16, 2023, following a previous report that the US was reaching the final stages of best ceiling talks.
US debt ceiling talks push E.U. stocks higher
The last stage of the talk will be next week, which is the last straw as the US treasury is almost running out of money. Reasonably, the US is almost halting its hikes in interest rates after the Federal Reserve officials say they see no reason to keep hiking them.
However, investors are still watching the developments closely at the U.S. negotiations over the deal as it’s in a sensitive phase that will most likely impact international markets.
The pan-European Stoxx 600 index was up 0.4% in early trade after plummeting to its lowest level since early April, also through three negative sessions. Also, all sectors bar telecom climbed, with mining stocks rocketing 2.64% higher and autos up 0.88%.
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