Europe open: Shares up after Fed tones down hawkish stance

by | Jul 28, 2022

European markets opened higher on Thursday amid an absolute deluge of corporate earnings as investors were cheered by slightly less hawkish messaging from the US Federal Reserve, which lifted rates on Wednesday.
The pan-European Stoxx 600 was up 0.6% in early deals with most major regional bourses up.

The Fed on Wednesday implemented a widely expected second consecutive 75 basis point interest rate hike, as it seeks curb soaring inflation while truing to avoid triggering a recession.

Chairman Jerome Powell held his hawkish stance but the central bank dropped guidance on the scale of the next rate hike and acknowledged that “at some point” it will be appropriate to slow the pace of increases.

In equity news, Barclays shares fell after the UK bank saw a fall in second-quarter profit after taking a substantial provision relating to a costly trading error in the U.S.

Danish wind turbine manufacturer Vestas climbed 10%, while French life insurer Scor fell 7% after swinging to a first-half loss.

Reporting by Frank Prenesti at Sharecast.com

Related articles

Europe midday: Shares slip into red on Middle East tensions

Europe midday: Shares slip into red on Middle East tensions

(Sharecast News) - European shares fell into the red on Wednesday as Middle East tensions were ratcheted up after the assassination of the Hamas deputy leader Saleh al-Arouni in Lebanon, raising fears of retaliation by the Islamic group Hezbollah against Israel. The...

Europe open: Shares edge ahead as Middle East tensions weigh

Europe open: Shares edge ahead as Middle East tensions weigh

(Sharecast News) - European shares edged ahead in a cautious start to trade on Wednesday as Middle East tensions were ratcheted up after the assassination of the Hamas deputy leader Saleh al-Arouni in Lebanon, raising fears of retaliation by the Islamic group...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x