Wednesday, June 7, 2023
HomeEconomyBanks lift European stocks as rate hikes and recession fears mount

Banks lift European stocks as rate hikes and recession fears mount

(Reuters) – European shares edged higher on Tuesday as bank shares lifted stocks, but concerns over the energy crisis, higher interest rates and a looming recession capped gains.

Pan-EuropeanSTOXX 600 up 0.4% after falling around 2.5% over the past two sessions , raised interest rate expectations on a hawkish tone from European Central Bank spokesman and Federal Reserve Chairman Jerome Powell.

Spain’s IBEX rose 0.7%. Spain’s national consumer price rose in August 10. 4%, lower than the same period last year 10. 8% last month, preliminary data showed.

Mining shares fell 1.2%, tracking metals prices weaker as rising COVID- 19 cases in China and looming interest rate hikes reignited demand for interest key commodity concerns. [MET/L]

Adevinta soared 15% over STOXX 600 The world’s largest classifieds company reported quarterly results with core market revenue up 10% year over year.

Investors focused on Eurozone economic sentiment and German inflation data due later in the day.



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