European stocks jump to 2-week high led by automakers

European stocks rose on Wednesday, extending gains for the third straight session, and hit a 2-week high led by the automotive sector, and ahead of the UK's annual budget statement, but the US bond market remains in the spotlight.

The Stoxx Europe 600 index rose 0.5% as of 11:50 GMT, and hit the highest since February 18 at 416.7 points, after it closed higher by 0.2% yesterday.

The automotive sector saw the largest gains in Europe today, rising around 3%, after Stellantis projected an operating income between 5.5% and 7.5% during 2021, thanks to the recovery in the auto industry.

The UK's Chancellor of the Exchequer Rishi Sunak will unveil the general budget for 2021, which includes tax and spending plans amid the coronavirus pandemic.

The yield of the US 10-year Treasury rose over 4% and reached 1.457% today, rising near its 1-year high of 1.563%, after falling yesterday by 2.0%.

S&P 500 futures rose more than 0.5%, after the index closed lower by 0.8% yesterday.

Back to Europe, the Euro Stoxx 50 index rose 0.6%, France's CAC 40 rose 0.7%, and Germany DAX index rose 1%, the UK's FTSE 100 rose 0.9%.