European stocks close higher despite ECB head signaling faster hikes
Energy, food, industrial goods account for 80% of overall inflation since start of 2022, European Central Bank president says
ANKARA
European stock markets closed higher on Tuesday although the European Central Bank (ECB) President Christine Lagarde signaled faster rate hikes.
"Inflation pressures are intensifying and broadening through the domestic economy ... Together, energy, food and industrial goods account for around 80% of the overall inflation rate seen since the start of this year," Lagarde said at the ECB Forum on Central Banking 2022 held in Sintra, Portugal.
She said the ECB intends to raise interest rates by 25 basis points in July, and again in September if the medium-term inflation outlook persists or deteriorates.
"If the inflation outlook does not improve, we will have sufficient information to move faster," she added.
The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, rose 1.10 points, or 0.27%, to finish at 416.19.
The UK's FTSE rose 65 points, or 0.9%, to end the day at 7,323. Germany's DAX 30 added 45 points, or 0.35%, to reach 13,231.
France's CAC 40 increased 38 points, or 0.64%, to 6,086. Italy's FTSE MIB gained 172 points, or 0.79%, to stand at 22,101.
Spain's IBEX 35 was the best performer of the day, gaining almost 75 points, or 0.91%, to close at 8,317.
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