European markets close higher; Puma shares jump more than 18%

European stocks closed higher on Thursday as investors digested the regional and global economic outlook.

The pan-European Stoxx 600 reversed course to finish 0.12% higher by the end of Thursday’s session, with major bourses and sectors mostly higher following broadly negative moves earlier in the day.

It comes after a positive trading session yesterday, with the Stoxx 600 closing almost 1.1% higher and most sectors and major regional bourses in the green.

Global markets have been boosted this week by rising expectations that the U.S. Federal Reserve will cut interest rates when it next meets on Dec. 9-10.

Traders are pricing in a 84.9% chance of a quarter percentage point cut from the Fed in December, according to the CME FedWatch tool.

On individual names, potential buyers are swirling German athletic brand Puma, according to reports by Bloomberg. Chinese sport multinational Anta Sports is among those working on a bid, the outlet reported, citing unnamed sources. Puma declined to comment when asked by CNBC. Puma shares ended the day up 18.9%, leading the European index.

Other big movers include defense stocks Rheinmetall, which advanced 1.24%, and Saab, which finished 2.5% higher, each paring earlier gains. It comes as U.S. officials continue to attempt to broker a peace deal between Russia and Ukraine.