(Reuters) – European shares rose at the open on Tuesday as banks gained, with investors geared up for the U.S. Federal Reserve’s two-day policy meeting.
The pan-European STOXX 600 index advanced 0.8%, after a soft start to the week.
European banks climbed 1.6% as lenders tend to benefit from a high interest rate environment, with most sector indexes higher by 0711 GMT.
The U.S. central bank will likely deliver its third straight 75 basis-point-interest-rate hike on Wednesday, toughening its stance on persistent inflation.
Shares of Bachem Holding soared 13.4%, to the top of the STOXX index, after the Swiss biotech supplier signed two new contracts for peptides.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila)
