The European Central Bank is set to raise rates for the first time in more than a decade on Thursday, the same day the bloc will be hoping Russia resumes gas suppliesAn employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR
The pan-European Stoxx 600 index was 1.1% higher by 9.25 GMT after posting a 0.8% drop last week. Gains on Monday were broad-based, with miners, energy stocks and banks leading the rise. Prime Minister Mario Draghi attempted to resign from his post on Thursday after the 5-Star Movement, a coalition partner, failed to back him in a confidence vote. Draghi’s resignation was rejected by the Italian president.
Overnight, a gauge of Asian shares rose more than 1%, its biggest daily rise in nearly two months, boosted by a jump in Chinese shares as regulators encouraged lenders to extend loans to qualified real estate projects. A wider index of global stocks was up 0.4%. Chinese blue chips added 1.0% as the head of the country’s central bank pledged to help the economy, though Shanghai had also announced more districtwide coronavirus testing.Traders are back to expecting a 75 basis point interest rate hike from the Federal Reserve next week, after flirting with the prospect of a 100 basis point move to hammer inflation.
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