European stocks rise near 13-month high after Wall Street records

European stocks rose in early trading on Tuesday near a 13-month high, thanks to positive market sentiment following record gains in Wall Street, and after the US Treasury bond yields pulled back.

The Stoxx Europe 600 index rose 0.5% as of 11:10 GMT, after closing flat yesterday and hit the highest since February 2020 at 426.1 points.

The automotive sector saw the largest gains in Europe today, with a jump of more than 1.5%, as most of the major car companies' stocks rose.

Dow Jones futures rose 0.1%, after the index closed up 0.5% yesterday at Wall Street, in the seventh straight daily gain, and hit a record high of 32,973.4 points.

S&P 500 futures rose more than 0.2%, and hit the all-time high ahead of Wall Street opening after the index closed higher by 0.6% yesterday and posted a new record high at 3,970.08 points.

The 10-year US Treasury yield fell over 1.0%, and deepened losses for the second straight day, pulling back from a 13-month high of 1.646%, ahead of the Federal Reserve meeting.

This meeting is expected to ease the market concerns over the US inflation rate and bond yields, in addition to the future of the interest rate.

Back to Europe, the Euro Stoxx 50 index rose 0.5%, France's CAC 40 rose 0.3%, and Germany DAX index rose 0.7%, while the UK's FTSE 100 rose 0.6%.