LONDON: European stocks rose yesterday, as concerns over emerging markets eased after a big interest rate rise in Turkey and before a key decision on United States Federal Reserve stimulus.
However, markets gave up some of their earlier gains as the Turkish lira stabilised after rallying sharply on the overnight crisis rate increase.
London’s FTSE 100 index gained 0.25 per cent to 6,589.12 points in midday deals, Frankfurt’s DAX 30 added 0.40 per cent to 9,446.99 points and Paris’ CAC 40 rose 0.12 per cent to 4,190.99.
“Central bank intervention has been the saviour of markets over the past two years and it was no different this morning with Turkey, among others, stepping in to stop their currency rout,” said Rebecca O’Keeffe, head of investment at Interactive Investor.
Meanwhile, the FTSEurofirst 300 was up 0.1 per cent at 1,299.80 at 1124GMT, having fallen 4.2 per cent, this week as emerging market currencies weakened. Agencies