Euro markets pick up pace – Rally almost 3% in Italy

LAST UPDATE 17:30

European stock markets are moving with significant gains, pressing on the momentum from yesterday’s session, while investors are evaluating the minutes of the last meeting of the Federal Reserve and do not seem to be affected by Johnson’s resignation.

In particular, the pan-European Stoxx 600 rose 1.7% to 414.24 points, with the mining sector leading the gainers with a 5.2% rally

Similarly, the large-cap Stoxx 50 rose 1.9% to 3,482 points.

In individual charts, Germany’s DAX rose 1.8% to 12,822 points, France’s CAC 40 rose 1.7% to 6,011 points, while Britain’s FTSE 100 gained 1.3% to 7,196 points.

The picture is even better in the periphery, where the Italian FTSE MIB is rallying 2.9% moving to 21,517 points, while the Spanish IBEX 35 is strengthening by 2% to 8,118 points.

Fed minutes released yesterday confirmed the central bank’s tough stance on reining in inflation, with officials estimating that another rate hike of 50 or 75 basis points would likely be “appropriate” at its next meeting. on July 26-27.

Federal Reserve officials acknowledged that a “tighter stance” of policy will be appropriate if inflation does not begin to ease. “Participants acknowledged that policy tightening could slow the pace of economic growth for some time, but considered a return of inflation to the 2% target critical in order to achieve maximum employment on a sustainable basis,” the minutes said.

In Europe, the ECB also released the minutes of its latest meeting, which showed the bank’s officials were considering a rate hike of more than 25 basis points in July.

In macroeconomic data, industrial production in Germany grew at rates lower than estimates, by 0.2% month-on-month, while on an annual basis it fell by 1.5%.

Finally, in the political news of the Old Continent, Boris Johnson, despite his efforts to stay in power, is leaving the prime ministership of Britain after the mass resignations of more than 54 ministers and government officials, with the country’s market however showing that he was not surprised by the development.