European stock markets posted solid gains at the open on Thursday after the U.S. Federal Reserve decided not to taper its asset purchases as many analysts had expected.
The Stoxx Europe 600 index jumped 1.1% to 316.80, on track for its highest close in more than five years.
Among country-specific indexes, Germany's DAX 30 index climbed 1%, France's CAC 40 index gained 0.9%, while the U.K.'s FTSE 100 index added 1.3%.
The Fed decision also boosted gold prices, triggering a rally for Europe's precious miners. Polymetal International PLC surged 14%, Fresnillo PLC put on 10% and Randgold Resources Ltd. jumped 10%.
Banks were also higher, with shares of Intesa Sanpaolo SpA rising 3.4% and Standard Chartered PLC up 3.3%, while UniCredit, Italy’s biggest bank, climbed 3%. A gauge of European lenders increased 1.2%.
Richemont, owner of the Cartier brand, climbed 2.4% as a report showed watch exports rose 0.5% in August from a year earlier. Swatch, the biggest maker of Swiss watches, gained 2.2%.
Havas SA (HAV) lost 1.4%. Barclays Plc downgraded the French advertising company to equal weight, similar to neutral, from overweight. Havas climbed 28% from a June 24 low through yesterday’s close.
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