Stocks Steady As Markets Bet On Hefty Bank Of England Hike.

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Strong earnings at Credit Agricole and Lufthansa lifted stocks as tension over Nancy Pelosi’s visit to Taiwan eased and markets bet the Bank of England will hike interest rates by the largest amount since 1995 to quell inflation.

The STOXX (.STOXX) index of leading European companies gained 0.33% after German airline Lufthansa (LHAG.DE) returned to an operating profit, while French bank Credit Agricole joined the growing roster of better-than-expected earnings at banks. 

Shares in Hong Kong (.HSI) rose 2%, tracking broader gains in Asia (.MIAP00000PUS), reeling in some of the losses suffered after Sino-U.S. frictions flared over a visit to Taipei this week by House of Representatives Speaker Pelosi, which angered China. 

Oil prices rebounded from six-month lows, while the dollar was underpinned by U.S. Federal Reserve officials pushing back against suggestions they will slow the pace of interest rate hikes, with one saying a 50 basis point hike would be “reasonable”.

Reuters.

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