Europe closes higher with Fed rate hike in limelight

Wednesday, 21. September 2022 17:30

European stock exchanges closed trading session on Wednesday with gains, after struggling for direction in the afternoon trade after opening below the flatline.

The volatility in the markets was seemingly driven by the prospects of the Federal Reserve's hiking its interest rate in the coming hours, which is to be followed by the Bank of England's announcement on monetary tightening the following day. The upward trend was likely prompted by United Kingdom's package to help businesses with energy costs over the winter period, as well as the announcement of nationalizing of Uniper SE in Germany.

Frankfurt's DAX gained 0.76%, with Infineon Technologies AG jumping by 2.62%. The CAC 40 rose by 0.87% as Thales Group surged by 4.02%. London's FTSE 100 increased by 0.59%, with Hargreaves Lansdown Plc soaring by 5.69%.

The euro plummeted by 0.93% against the American dollar, going for $0.9877 at 5:31 pm CET. The pound sterling dropped by 0.42% versus the greenback, changing hands to $1.13341 a minute later.

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Author:
Baha Breaking News (BBN) / AB