Market Updates
Euro at 3-week High, European Markets Pull Ahead
Bridgette Randall
12 Sep, 2022
Frankfurt
European markets advanced after investors looked beyond the deepening energy crisis and the hawkish tone of policymakers.
Resource stocks gained after the dollar weakness lifted the euro and energy prices.
The euro resumed its advance after the European Central Bank lifted its key lending rate by 75 basis points last week.
The DAX index jumped 2.3% to 13,389.14, the CAC-40 index 1.99% to 6,335.03, and the FTSE 100 index jumped 1.6% to 7,458.21.
The euro inched higher to a 3-week high to $1.01 and the British pound edged up to $1.17.
The British economy expanded 0.2% in July from June after falling 0.6% in the previous month, the Office for National Statistics said Monday.
Service sector led the expansion with a growth of 0.4% offset by the 0.3% decline in production and 0.8% decline in construction.
Monthly GDP is 1.1% above its pre-coronavirus level in February 2020.
GDP was flat in the three months to July compared with the previous three months.
Industrial production in Italy gained 0.4% in July from the downwardly revised 2% decline in the previous month, National Institute of Statistics said Monday.
On a seasonally adjusted and annual basis, production increased 1.4% after falling 1.1% in June.
U.K. goods trade balance improved in July from June after good exports rose and imports declined.
Total goods exports rose
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