European stocks rise supported by the mining sector and a rise in the German DAX index

European stocks rose on Wednesday as bets increased that global interest rate hikes had peaked, with the mining sector, a beneficiary of higher metal prices, leading gains while Germany’s DAX index hit a new record high.

The European STOXX 600 index rose 0.1 percent by 0809 GMT, while the German DAX index also rose 0.1 percent.

The basic resources sector index rose 1.3 percent, supported by the rise in prices of most basic metals.

Investors are now awaiting November euro zone construction PMI data along with October retail sales to gauge the strength of the European economy amid recession fears.

Attention was also turned to the US November employment report after new jobs in October fell to the lowest level in more than two and a half years on Tuesday, raising expectations that the Federal Reserve’s monetary policy tightening cycle has ended.

The shares of the British group Ocado rose by 3.1 percent after J.P. Morgan Bank raised its recommendation for the shares of the group specializing in the field of selling groceries via the Internet and technology from “relatively underweight” to “neutral.” .

On the other hand, the shares of the German company Merck fell by 13.4 percent after its experimental drug evobrutinib to treat multiple sclerosis did not achieve the required goal in late-stage trials.