European stocks rise led by strong the banking sector

European stocks rose on Thursday, thanks to improved investors' sentiment in the global markets following the recent statements by the US Federal Reserve officials, and the banking sector led today's gains thanks to higher-than-expected profits during 2021. 

The Stoxx Europe 600 index rose 0.7% as of 11:22 GMT, after closing lower by 0.7% yesterday.

The banking sector saw the largest gains in Europe today, with a jump of more than 1.5%, thanks to higher-than-expected profits during 2021 due to the global economic recovery.

S&P 500 futures rose more than 0.4% today ahead of Wall Street's opening, after the index ended lower by 0.1% yesterday.

Federal Reserve Chief Jerome Powell's hints in his testimony before the US Congress on Tuesday eased the market's concerns over the rising inflation rate in the US, while assuring that the Fed will adopt a patient approach.

Back to Europe, the Euro Stoxx 50 index rose 0.9%, France's CAC 40 rose 1%, Germany's DAX index rose 0.7%, and the UK's FTSE 100 rose more than 0.5%.