European markets rally, DAX surges by 300 pts

Tuesday, 04. October 2022 11:18

Major European stock exchanges continued to rally after the opening bell on Tuesday, following strong gains on Wall Street the day before, while yields on the United States Treasury notes slumped ahead of the Federal Reserve's speeches that will address future steps of their monetary policy in the face of raging inflation.

Meanwhile, data on the producer prices across the European Union and euro area revealed an increase of 43% and 43.3% respectively on the annual basis, with skyrocketing energy prices driving the costs up.

Frankfurt's DAX surged by 2.52% or 308 points at 11:18 am CET. At the same time, the CAC 40 soared by 2.78%, and London's FTSE 100 jumped by 1.52%. The euro rose 0.40% against the American currency, to change hands to $0.98633 at 11:24 am CET. The pound sterling gained 0.19% against the dollar, going for $1.13440 a minute later.

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Baha Breaking News (BBN) / AB