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Banks lift European shares on ECB rate hike By Reuters

Peru government proposes 9% budget increase for 2023



© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 7, 2022. REUTERS/Staff

(Reuters) – European shares edged higher on Friday, with banks extending gains a day after the European Central Bank reinforced its fight against inflation with a rate hike, while higher metal prices supported mining stocks.

The pan-European index was up 0.6% by 0718 GMT, with banks climbing 1.3%. Miners rose nearly 3%, as prices of London were set for their best weekly gain in six against a softer dollar. [MET/L]

The ECB delivered an unprecedented 75-basis-point interest rate hike on Thursday, in its clearest signal yet that it is not backing down against soaring inflation.

Investors looked forward to a meeting by energy ministers from European Union countries later in the day, where they will figure out solutions from a long list of possible measures to shield citizens from sky-high energy prices as winter approaches.



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