European Stocks Rise as US Stimulus Hopes Revive

European stocks rose on Wednesday, and sectors severely affected by the economy, such as energy and banking, gained as investors awaited the Democrats’ victory in the important run-off election in Georgia over two US Senate seats, which could lead to greater fiscal stimulus.

A slight rise in the Stoxx 600 index of European stocks, the FTSE 100 index of Britain and the German DAX index.

Shares in BP, Royal Dutch Shell and Total rose as oil prices rose to their highest level since February 2020 after Saudi Arabia pledged to cut production more than expected at a meeting of allied producers.

Banks sector advanced by more than 2%, while shares of companies linked to the economic cycle, such as car manufacturers and insurance companies, rose more than 1%.