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European stocks open higher

Adel 8 September, 2022 1:50 pm Forex Market, Market Update

European shares opened higher on Thursday, ahead of what could be the largest interest rate hike ever announced by the European Central Bank. Mining and banking stocks led the gains.

Markets are awaiting the size of the central bank’s increase in the main interest rate. The bank is studying a hike between 50 and 75 basis points, with expectations for a hike higher.

The pan-European Stoxx 600 index rose 0.5% by 0719 GMT. And sectors related to the economic cycle, including mining companies, banking and insurance companies, recorded an increase of between 1.0 and 1.1 percent.

The basic resources sector tried to recover from declines of more than two percent due to disappointing Chinese trade data in the previous session, amid concerns about demand for metals.

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