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Banks boost European stock markets as fears of rate hikes and recession grow

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European stocks rose on Tuesday after two days of declines, helped by buoyant bank stocks, though fears over a mounting energy crisis, rising interest rates and the threat of a recession held back gains.

The pan-European STOXX 600 index advanced 0.4%, after having lost nearly 2.5% in the last two sessions, due to the aggressive tone of the spokesmen of the European Central Bank and the president of the United States Federal Reserve , Jerome Powell, who raised expectations of a rise in interest rates.

The Spanish Ibex rose 0.7%. Spanish domestic consumer prices rose 10.4% year-on-year in August, compared to 10.8% the previous month, according to preliminary data.

Miners fell 1.2% on weak metal prices as rising COVID-19 cases in China and looming rate hikes renewed demand concerns for key commodities. . [MET/L]

Adevinta rose 15%, topping the STOXX 600, after the world’s largest classifieds company reported quarterly results, with revenue in core markets rising 10% year-on-year.

Investors’ attention was focused on economic sentiment in the euro zone and on German inflation data to be released on the day.

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