European Stocks Rise on China Stimulus and ECB Rate Hike Signals

European stock markets rose as investors assessed the European Central Bank's decision to hike interest rates by 25 basis points, reaching a record level of 4%. The basic resources sector saw gains after China's central bank announced a cut in the reserve requirement ratio for most banks, aiming to boost its economy. However, the autos sector fell amid concerns over an EU probe into Chinese electric vehicle subsidies and the possibility of retaliatory action. Meanwhile, U.S. stocks opened higher, and the U.S. consumer price index rose 3.7% from a year ago.