Europe closes higher following Lagarde's remarks

Monday, 27. September 2021 17:30

Europe's major equities closed higher on Monday after European Central Bank President Christine Lagarde delivered a speech to the European Parliament committee noting that the recent rise in inflation is "largely temporary", however the bank will not be raising rates before 2023. She also added the pandemic emergency purchase program (PEPP) has shown its effectiveness on financing conditions.

Meanwhile, Deutsche Bundesbank said Germany's inflation will be reaching its highest level between 4% and 5% by the end of 2021. In the United Kingdom, persisting challenges from fuel shortages pushed the government to suspend industry competition laws, allowing players to share vital information and work jointly to ensure minimized disruptions.

The DAX gained 0.27% as Siemens added 3.30%. The FTSE 100 grew by 0.17% led by Rolls-Royce soaring by 11.31%, while the CAC 40 advanced by 0.27% with Unibail-Rodamco-Westfield jumping 6.70%. The euro lost 0.19% against the dollar to exchange hands for $1.16982 at 5:29 pm CET.

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Breaking the News / LH