The European Central Bank has raised interest rates for the first time in more than a decade, with financial markets generally taking the move in their stride.
The European Central Bank has raised interest rates for the first time in more than a decade, with markets taking the move in their stride.Gas flows from Russia to Germany have resumed through the Nord Stream 1 pipelineThe ECB's benchmark deposit rate was raised by a larger-than-expected 50 basis points to 0 per cent — the first time it has not been negative since 2014.
Chief European economist for Capital Economics, Andrew Kenningham, said he also expected many more rate hikes as the ECB tried to catch up with central banks around the world that were scrambling to raise rates to contain rampant inflation. However, traders were soothed by another development on the continent, with gas flows resuming from Russia to Germany through the Nord Stream 1 pipeline.
"After initially falling as much as 8 per cent, European natural gas futures are back to unchanged on the day."The technology sector again led US markets higher, with Tesla's better-than-expected results, released just after the close of trade yesterday, pushing the car maker's share price up nearly 10 per cent to $US815.12.
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