European stock markets rose after Federal Reserve officials said the US economy had recovered enough from the pandemic for emergency financial stimulus to be dialled down, boosting shares in sectors seen to benefit from GDP growth and higher interest rates.
The regional Stoxx 600 share index rose 0.5 per cent, with its banks sub-index gaining 0.9 per cent and energy producers gaining 1.4 per cent. The UK’s FTSE 100 added 0.6 per cent, led by the same sectors.
Patrick Harker, head of the Philadelphia Federal Reserve, told Nikkei that “markets are functioning well”. The US central bank’s $120bn-a-month of bond purchases, introduced in March 2020 to boost lending and spending through the pandemic, “is no longer relevant,” Harker said.
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