European stocks were up on Thursday, building on the previous session’s gains, as investors weighed minutes from the Federal Reserve’s latest meeting that showed the central bank plans to continue aggressive interest rate hikes.
The minutes, released yesterday, confirmed the central bank’s tough stance on reining in inflation, with officials estimating that another rate hike of 50 or 75 basis points would likely be “appropriate” at the next meeting. on July 26-27.
Federal Reserve officials acknowledged that a “tighter stance” of policy will be appropriate if inflation does not begin to ease. “Participants acknowledged that policy tightening could slow the pace of economic growth for some time, but considered a return of inflation to the 2% target critical in order to achieve maximum employment on a sustainable basis,” the minutes said.
The pan-European Stoxx 600 rose 0.9% to 410.88 points.
Germany’s DAX rose 1% to 12,716.02 points, France’s CAC 40 rose 1.1% to 5,974.18 points, while Britain’s FTSE 100 gained 0.7% to 7,155.29 points.
In the region, Italy’s FTSE MIB gains 1.1%, while Spain’s IBEX 35 gains 0.6%.
Source: Capital
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