Third day of gains in the European markets

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European stock markets closed positively for the third consecutive session as last week’s massive sell-off has rekindled the interest of buyers looking for new investment opportunities.

The STOXX 600 strengthened 0.35% and closed at 408.58 points after last week’s slump to a 12-month low.

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The pan-European index finished last week with a total loss of 4.6%, showing the worst weekly performance since early March. The shocks followed successive interest rate hikes in the US, Switzerland and Britain, sparking a new wave of recessionary concerns over the aggressive tightening of monetary policy.

The European Central Bank has announced plans to raise interest rates by 25 basis points in July, opening the policy tightening cycle to tackle the eurozone inflation rally.

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On the board, the German DAX closed with gains of 0.2% at 13,292.40 points, the French CAC 40 strengthened by 0.75% to 5,964.66 points, while the British FTSE 100 gained 0.4% at 7,152.05 units.

In the region, the Italian FTSE MIB rose 0.4%, while the Spanish IBEX 35 fell 0.6%.

Source: Capital

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