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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