European stocks 2-weak highs ahead of Federal Reserve's decisions

European stocks rose on Wednesday, to head for the fourth straight daily gain, hitting a 2-week high on improved market sentiment thanks to positive news about coronavirus vaccines, strong economic data in China and ahead of the Federal Reserve's monetary policy decisions.

The Stoxx Europe 600 index rose 0.5% as of 10:10 GMT, and hit the highest since September 3 at 373.15 points, after it closed higher by 0.7% yesterday, thanks to a strong rally by retail companies.

The pan European index opened higher today, to head for the fourth straight daily gain, and hit a 2-week high, with most of the major European markets and sectors seeing green today.

The retail sector saw the largest gains in Europe today, rising over 1.7%, to extend gains for the second straight session on upbeat corporate earnings in Q2.

The US Federal Open Market Committee is wrapping up its policy meeting today, which will be the first meeting after Fed Chair Jerome Powell unveiled the US monetary policy historic shift of allowing inflation to run above the Fed’s previous target, and pledged to hold the rates for a long period of time. 

The US monetary policy statement and interest rate decision will be unveiled at 18:00 GMT, and Fed Chairman Jerome Powell will deliver a speech at 18:30 GMT, amid expectations for the Fed to keep its pessimistic outlook for the US economy.

S&P 500 futures rose over 0.5%, after the index closed higher by 0.5% yesterday at Wall Street, in its third straight daily gain.

Back to Europe, the Euro Stoxx 50 index added 0.4%, France's CAC 40 rose 0.3%, Germany's DAX added 0.4%, and the UK's FTSE 100 rose 0.2%.