European stocks rally from lowest point in more than a year

US stock indexes were ahead in early afternoon trading as investors mulled comments from the head of the US Federal Reserve. Photograph: Getty ImagesEuropean stocks rallied off session lows on Wednesday after US Federal Reserve chair Jerome Powell told a US Senate committee that the country’s central bank is “strongly committed” to bringing down inflation.The pan-European STOXX 600 closed down 0.7 per cent, after having fallen earlier in the session 1.8 per cent to its lowest since January 2021.

Concerns over these pressures in the production sector weighed on commodity stocks, pulling Glencore, Antofagasta and the oil majors lower. Meanwhile, Natwest climbed 3 per cent after the UK government confirmed it extended its plan to sell off more of its stake in the banking firm by a year.

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