Live Markets: ECB hangover, Italian political turmoil in focus
22/07/2022 07:47
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ECB HANGOVER, ITALIAN POLITICAL TURMOIL IN FOCUS (0640 GMT)
Euro zone futures are trading lower the day after the
European Central Bank raised interest rates by more than
expected in its first hike in 11 years, bolstering economic
growth slowdown fears.
In the meantime, Italian futures are underperforming, down
0.7% as the political crisis widened in Italy sending tremors
through financial markets. Italy will hold a snap national
election on Sept. 25 after Prime Minister Mario Draghi resigned
following the collapse of his national unity government.
urn:newsml:reuters.com:*:nS8N2Y4023
ECB concerns about runaway inflation trumped worries about
growth. But that added to pressures on EZ stocks as the euro
zone economy is suffering from the impact of Russia's war in
Ukraine.
EZ futures are between flat and 0.7% lower, while London
FTSE futures are up 0.2%.
The ECB raised its benchmark deposit rate by 50 basis points
to zero percent. urn:newsml:reuters.com:*:nL1N2Z20BK
Next, the U.S. Federal Reserve meets next week and
expectations of a 100 bp hike have faded in favour of pricing
for a 75 bp move. FEDWATCH
(Joice Alves)
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