European stocks rise following Wall Street gains

European stocks rose in morning trading on Thursday, to head for the first daily gain in 3 days, following strong gains in Wall Street, thanks to improved risk appetite, as hopes were renewed for a new fiscal stimulus in the US to counter the coronavirus impact.

The Stoxx Europe 600 index rose over 0.5% as of 11:32 GMT, after it closed lower by 0.1% yesterday. 

The index lost 0.5% during September, and posted its fourth straight monthly loss, due to the risks around the European economy, amid the worst economic crisis since the 1930s Great Depression.

The pan European index opened higher today, to head for the first daily gain in 3 days, with most of the major European markets and sectors seeing red today.

The retail sector saw the largest gains in Europe today, rising over 2%, as most shares rebounded on expectations of strong profits in the third quarter.

President Donald Trump's administration has proposed a $1.5 trillion stimulus package in the House of Representatives, which comes within the ongoing talks between the two parties to find a compromise on the new Covid-19 relief package.

Otherwise, the European Union started legal proceedings against the UK after British lawmakers approved plans to override the Brexit deal despite some British ministers admitting that the move could lead to breaching international law.

S&P 500 futures rose 1.5% today, after the index closed higher by 0.8% yesterday at Wall Street, on hopes for the second US relief package.

Back to Europe, the Euro Stoxx 50 index rose 0.5%, Germany's DAX added 0.3%, France's CAC 40 rose 0.6%, and In London, the FTSE 100 index rose 0.6%.