European stock markets posted the biggest gain since March, expecting weaker US data to push the Fed away from aggressive interest rate hikes.

Europe’s benchmark index Stoxx 600, rose 2.8 percent in London, the fastest intraday gain since March 16.

Shares in travel, technology, and consumer goods posted the most significant gains in the index. Real estate shares declined.

Credit Suisse shares, which fell sharply yesterday, started to rise today as CEO Ulrich Koerner could not resolve the uncertainties regarding the bank in his statement.

The decline in the manufacturing data announced this week in the USA raised the expectation that the Fed would avoid aggressive interest rate hikes, which supported investor perception. Yesterday, the S&P 500 index in the USA recorded the most significant increase since July. However, some market participants say it is too early to expect the Fed to downshift.

Richard Hunter of the Interactive Investor Market Unit predicted that the rally could be temporary.

The ongoing energy crisis in Europe and the political turmoil in the UK also reduce risk appetite.