European Stocks Close Higher

European stocks closed higher at the end of Tuesday's trading , as global markets remained optimistic about the possibility of the Federal Reserve (the US central bank) cutting interest rates at a significant pace. The European Stoxx 600 index closed up 0.4 percent, its highest level in two weeks, while the Spanish IBEX index jumped 1.1 percent, recording its highest level in more than nine years. Retail trade led the gains among the main Stoxx sectors, rising 2.8 percent, supported by an 11.2 percent jump in Kingfisher shares after the company that owns B and Q and Castorama raised the lower end of its annual profit forecast. In turn, Ryanair shares rose 6.1 percent, while the Travel and Leisure sub-index, which includes most European airlines, rose 2.2 percent. In contrast, European defense companies such as Leonardo, Rheinmetall, BAE Systems and Kongsberg Group fell to the bottom of the Stoxx 600, with the aerospace and defense index down 1.8 percent. (QNA) Source: Qatar News Agency