European shares climbed on Wednesday after briefly breaking a losing streak late on Tuesday.
pan european Stoke 600 It closed provisionally 0.7% higher, led by a 2% rise in technology stocks, led by gains in most sectors and major stock markets. Mining stocks bucked the trend and fell 1.2 percent.
Investors closely watched a panel discussion at the ECB Forum in Sintra, Portugal, featuring ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, Federal Reserve Chair Jerome Powell and Bank of Japan Governor Ueda A husband attended the meeting.
Powell said “more restrictions are coming” and that rate hikes in consecutive meetings were still on the table, citing continued strength in the labor market.
Bailey defended the Bank of England’s decision to raise interest rates by 50 basis points last week when a 25 basis point increase was widely expected. “Our job is to get inflation back to target, and we will do what is necessary. I understand the concerns that come with it, but I’m afraid I always say that if we don’t get inflation back to target, it will be worse,” he said. Speaking to the panel moderated by CNBC’s Sarah Eisen.
A slew of U.S. data on Tuesday eased fears of a sharp economic slowdown, with an increase in orders for key capital goods and consumer confidence boosting markets.
At Tuesday’s Sintra Forum, participants had a “higher long term” message on interest rates. ECB Governing Council member Mārtiņš Kazāks told CNBC that market expectations for a rate cut were too fast and too fast. Kazakh said he thought it was “too early next year” to consider spending cuts.
US stocks were flat, while Asia-Pacific markets were mixed as the region digested Australia’s May inflation data, while China also reported May industrial profits.
Correction: This article has been updated to remove an inaccurate description and video graphic that incorrectly described Amazon’s current partnership with Ocado.