European stocks see relief rally ahead of Fed, Miners –Top gainers

The stocks on the European bourses ended a five-day slump and rebounded sharply on the back of a relief rally led by the mining and retail stocks as risk-on returned ahead of the FOMC statement release.

A renewed rally in the base metals combined with the oil-price recovery, buoys the sentiment surrounding the resource, mining and energy stocks. While upbeat first quarter results from the UK manufacturer of Zara clothing, Inditex SA, drove retailers higher.

Markets shrugged-off economic releases out of the Euroland and UK, as attention shifts towards the Fed interest rates decision due later in the American noon.

Analysts at Rabobank noted, "Today's Fed meeting is still important even if it isn't 'live' in that it carries the updated economic projections and the 'dot plot', where we get to see how many rate rises the Fed believes it can still push ahead with against the present backdrop."

Germany's DAX 30 index jumps +1.36% to 9,650 points, while the UK’s FTSE rises +1.07% to 5,988. Among the other indices, the French CAC 40 index rebounds +1.70% to 4,200 levels, while the pan-European Euro Stoxx 50 index rockets +1.93% to 2,850 points.