Economy

European shares open higher, supported by banks

European shares open higher, supported by banks

(Reuters) – European shares rose at the open on Tuesday with banks gaining, as investors prepared for the US Federal Reserve’s two-day monetary policy meeting.

The European index advanced 0.8%, after a weak start to the week.

European banks rose 1.6% as lenders tend to benefit from a higher interest rate environment, with most sector indices rising by 0711 GMT.

The US central bank is likely to raise its interest rate for the third consecutive time by 75 basis points on Wednesday, toughening its stance on persistent inflation.

Shares of Baschem Holdings jumped 13.4% to top the Stoxx index, after the Swiss biotech supplier signed two new contracts for peptides.

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