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European stocks edged higher on Thursday after strong results from a slew of companies, with the focus on Britain’s central bank set to raise interest rates the most since 1995.
The pan-European STOXX 600 index gained 0.1%, taking inspiration from a 0.4% rise in Asian stocks and a strong overnight rally on Wall Street after strong economic data and an upbeat outlook for companies.
Credit Agricole rose 2% as it joined French rivals BNP Paribas and Societe Generale in announcing better-than-expected quarterly profit amid record activity at its investment banking division.
Lufthansa rose 5.2% on a return to operating profit in the second quarter, helped by booming demand for air cargo flights.
However, the German airline has warned that it will only offer around 80% of “pre-crisis” passenger capacity in the third quarter, less than expected, amid staff shortages at airports and airports. Airlines companies.
The Bank of England is expected to raise borrowing costs by 50 basis points to 1.75%, according to a Reuters poll, as it battles inflation at its highest level in four decades. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta)
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