Strong Earnings Support European Stocks, Eyes on BoE Decision

Strong Earnings Support European Stocks, Eyes on BoE Decision

European stocks rose on Thursday after strong results from a number of companies, with attention on the British central bank, which is expected to raise interest rates to the highest since 1995.

The pan-European STOXX 600 index gained 0.1%, benchmarking a 0.4% gain in Asian stocks and a strong overnight rally on Wall Street after strong economic data and an upbeat business outlook.

Credit Agricole rose 2% as it joined French peers BNP Paribas and Societe Generale in posting better-than-expected quarterly profit amid record activity at its investment banking division.

Lufthansa advanced 5.2% as it returned to operating profit in the second quarter, helped by booming demand for cargo flights.

However, the German airline warned that it would only offer around 80% of “pre-crisis” passenger capacity in the third quarter, less than previously forecast, amid staffing shortages at airports and airlines.

The Bank of England is expected to raise borrowing costs by a further 50 basis points, to 1.75%, according to a Reuters poll, as it battles inflation, which is at its highest level in recent years. four decades.

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