European Markets Look Set to Rise After Record ECB Rate Hike
by the European Central Bank and further comments from Federal Reserve Chair Jerome Powell.
The pan-European Stoxx 600 was up 1.5% in morning trade, with all sectors trading in the green. Basic resources were 4.6% higher, while banks were up 2.4%. On Thursday, the European Central Bank announced a 75 basis point interest rate rise, taking its benchmark deposit rate to 0.75%. The bank also revised up its inflation expectations — to an average 8.1% in 2022 — and said it expects to hike rates further as"inflation remains far too high and is likely to stay above target for an extended period."
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Europe waits on potentially record ECB rate hikeStocks and bond yields shuffled higher while the euro slipped back under parity on Thursday, as investors waited to see if the European Central Bank would fight runaway inflation later with a record 75 basis point interest rate hike, or go smaller.
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