European and US stock markets mostly rose on Thursday after the European Central Bank and Bank of England raised interest rates, joining the US Federal Reserve in moving once again to cool sky-high inflation
London, (UrduPoint / Pakistan Point News - 2nd Feb, 2023 ):European and US stock markets mostly rose on Thursday after the European Central Bank and Bank of England raised interest rates, joining the US Federal Reserve in moving once again to cool sky-high inflation.
Forecast-beating results by Facebook-owner Meta helped drive a rally in tech stocks that sent the Nasdaq Composite up nearly three percent, with Google, Apple and Amazon set to report earnings later in the day.
Gains by equities in London, Frankfurt and Paris accelerated after the ECB and BoE each announced half-percentage-point rate hikes, as anticipated. Germany's DAX climbed 2.2 percent to hit an 11-month high.
The euro and the pound both fell around one percent against the dollar, before clawing back some ground, despite the ECB and BoE rate increases being larger than the quarter-point hike by the Fed.
The ECB said another half-point increase would come in March, adding that it would "stay the course in raising interest rates significantly at a steady pace".
BoE governor Andrew Bailey said inflationary pressures were still present and it was "too soon to declare victory yet", even as the central bank forecast a shallower-than-expected UK recession this year as the country faces a cost-of-living...
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