July 22, 2022: -The pan-European Stoxx 600 hovered the flatline by the afternoon, with travel and leisure stocks that shed 1.9% while media stocks had a profit of 1.3%.
The ECB’s rate increase brings its deposit rate to 0%, which was in the negative territory from 2014 as the common currency bloc dealt with a sovereign debt crisis and the pandemic.
The move intends to combat rampant inflation across the eurozone but comes against a backdrop of slow growth, threats to energy supplies, and the war in Ukraine.
“The ECB waited far too long relative to the Fed and the Bank of England, thereby creating additional pressure on the EUR, adding to inflationary pressure. The stall in industrial activity indicates that this rate hike is likely to have minimal impact.”
The portfolio manager at Quilter Investor, Hinesh Patel, said the ECB’s rate increases would do little to quell what is an energy crisis.
Italy has been increased into fresh political uncertainty, with Prime Minister Mario Draghi hoping to tender his resignation on Thursday after a few parties in the governing coalition refrained from a vote of confidence that desired to renew and re-unit the fractious alliance.
Draghi won the vote, but many senators refused to participate, obtaining the national unity government to collapse. Early elections could now take place in September or October.
Price rises continue to overshadow the region. On Wednesday, data from the U.K. showed inflation hit another 40-year high in June as food and energy prices continued to grow, escalating the country’s historic cost-of-living crisis.
Earnings on Thursday came from Roche, ABB, Givaudan, SAP, Ocado, and AngloAmerican.
Regarding individual share price movement, Swedish media company Viaplay Group climbed 10.6% after acquiring U.K. sports streamer Premier Sports.
At the bottom of the index, Swedish cloud communications company Sinch plunged more than 12% after the resignation of CEO Oscar Werner.
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