European shares open higher as oil stocks rise, Fed pivot hopes remain

Oil & gas stocks rose 1.5%, with BP up 0.1% as it reported a third-quarter profit of $8.15 billion, blowing past expectations, and announced another $2.5 billion in share repurchases. Shares of TotalEnergies jumped 2.4% as higher oil prices also supported the wider sector. BP and TotalEnergies were among the top gainers on the European benchmark index.

European shares opened higher on Tuesday, as blowout earnings from BP boosted oil stocks, while hopes that the U.S. Federal Reserve would slow down the pace of its rate hikes next month also lifted the mood.

The pan-European STOXX 600 index jumped 1.1% by 0808 GMT, after ending October at its highest in more than six weeks. Oil & gas stocks rose 1.5%, with BP up 0.1% as it reported a third-quarter profit of $8.15 billion, blowing past expectations, and announced another $2.5 billion in share repurchases.

Shares of TotalEnergies jumped 2.4% as higher oil prices also supported the wider sector. BP and TotalEnergies were among the top gainers on the European benchmark index. Global equity markets braced for the Fed's two-day policy meeting, with investors pricing in a 75-basis-point increase to its lending rate on Wednesday, but hopes remain the central bank will deliver a smaller 50-bp increase in December.