(Reuters) – European shares edged higher on Thursday in what could be the European Central Bank’s largest-ever rate hike, with mining and bank stocks leading gains.
The market has yet to see how much the ECB will raise its benchmark rate as the central bank is at 50 basis points or 600 debated between basis point increases, expectations are now leaning towards larger increases, but not fully convinced.
Pan-European Stoxx 600 rose GMT 0719 is 0.5%. Cyclical sectors including miners, banks and insurers rose 1.0% to 1.1%.
The basic resources sector attempted to bounce back from losses of more than 2% on disappointing Chinese trade data in the previous session and concerns over demand for metals.
