The Stoxx Europe 600 index added about 0.6 per cent, with traders now looking ahead to the European Central Bank's policy decision later Thursday after mixed inflation data reignited debate about how much rates in the euro area should rise. Technology stocks led the advance, buoyed by an upbeat outlook from German chipmaker Infineon Technologies AG.
“The more he talked, the more dovish he was,” Charles-Henry Monchau, chief investment officer at Banque Syz, said of Powell's briefing. “It's possible we'll continue to see a series of volatility, but definitely the conditions seems to be more risk-on than last year,” he said on Bloomberg Television.
The UK's benchmark stock index underperformed and 10-year gilt yields fell more than eight basis points ahead of another expected outsized rate increase of 50 basis points by the Bank of England. The ECB is seen following with a hike of similar magnitude shortly after.
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