European stocks advanced on Tuesday, driven by gains in the financial sector, as investors anticipated the beginning of the U.S. Federal Reserve’s monetary easing cycle, which could include a significant interest rate cut.

As of 0713 GMT, the pan-European STOXX 600 index rose by 0.6%, reaching 518.16 points. The UK’s FTSE 100 outperformed its European counterparts, climbing 0.7%.

All sectors were trading positively, with financials leading the way, gaining nearly 1%, while banking stocks saw a 0.8% increase.

Investor attention is focused on the Federal Reserve’s decision, expected on Wednesday. Markets have priced in a 67% chance that the U.S. central bank will cut interest rates by 50 basis points.

Key economic data expected later in the day includes Germany’s sentiment survey, scheduled for 0900 GMT, which is forecast to show a slight decline in September. Additionally, U.S. retail sales data, due at 1230 GMT, is expected to indicate a contraction in August.

European Central Bank officials, including supervisor Claudia Buch and board members Elizabeth McCaul and Frank Elderson, are also set to deliver speeches later in the day.

Among individual stocks, Kingfisher was the top gainer, surging 6.6% after the European home improvement retailer raised its full-year profit outlook. Meanwhile, shares of Barry Callebaut increased by 6.2% after Barclays upgraded the stock’s rating from “underweight” to “overweight.”

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