Euro zone stocks choppy as ECB starts rate hike with a big stride

Published by
Reuters UK

By Susan Mathew and Devik Jain (Reuters) – Euro zone stocks slipped in volatile trading on Thursday as investors assessed the impact of an aggressive 50 basis point interest-rate hike by the European Central Bank amid growing worries about a recession and a political turmoil in Italy. Rate-sensitive euro banks fell 1.1% after gaining as much as 1.8% earlier in the session. In its first rate hike in 11 years, the ECB lifted interest rates to zero percent, breaking its own guidance for a 25 basis point increase, as inflation stood at a record high of 8.6%, way above its 2% target. “We have less …

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