European stocks rise as banks soar ahead of unscheduled ECB meeting


(RTTNews) – European stocks rose on Wednesday as European Central Bank policymakers called an emergency meeting later in the day to discuss the recent selloff in government bond markets.

The US Federal Reserve makes its rate decision later today as markets brace for a 50-75 basis point rate hike.

Elsewhere, the Bank of England is expected to opt for a more cautious 25 basis point hike when it announces its rate decision on Thursday.

The pan-European Stoxx 600 rose 0.7% to 410.31 after six straight sessions of losses on fears that more aggressive monetary policy tightening could push the world’s largest economy into a recession.

The German DAX, the French CAC 40 and the British FTSE 100 rose between 0.8% and 1.2%.

Italian banks Unicredit, Intesa Sanpaolo and BPER Banca jumped 4-5% as European bond yields fell ahead of an unscheduled ECB meeting to discuss recent bond market volatility.

Clariant AG rebounded 3%. The Swiss specialty chemicals company reported higher EBITDA in the first quarter, supported by increased sales, cost savings and pricing measures.

Swedish medical device maker Getinge fell 15% after lowering its FY22 sales forecast.

Swedish clothing company H&M fell 4% despite a 12% increase in sales in the second quarter.

Bloomsbury Publishing jumped 2.8% in London. After reporting windfall profits, the Harry Potter publisher says the pandemic surge in reading appears to be permanent.

Hotel and restaurant company Whitbread climbed 5% and retailer WH Smith jumped more than 7% after the two said they saw business return to pre-pandemic levels.

Stellantis added 2.4% in Paris after the world’s fourth-largest automaker said it would begin an indefinite layoff starting next week at its Sterling Heights stamping plant in Michigan.

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