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European Stocks Rise Wednesday Ahead of US Fed, Bank of England Meetings

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Last updated: 09/21/2022 12:56:47

12:56 PM EDT, 09/21/2022 (MT Newswires) -- European bourses closed higher Wednesday amid expectations of interest rate increases in the US and UK.

The Stoxx Europe 600 grew 0.9%, London's FTSE 100 added 0.6%, France's CAC 40 increased by 0.9% and Germany's DAX rose by 0.8%. On the other hand, the Swiss Market Index fell 0.5%.

The US Federal Reserve is expected to raise rates by 75 basis points later in the day, while the Bank of England's monetary policy decision is due Thursday.

In corporate news, France's Schneider Electric (SU.PA) is expanding its industrial software business by agreeing to buy Aveva Group (AVV.L) in a deal that values the British company at 9.48 billion pounds sterling ($10.75 billion). The French stock and Aveva were up 1.9% each.

Uniper (UN01.F) plunged 25% as the German government and the former's Finnish state-owned parent Fortum (FORTUM.HE) agreed to terms for a nationalization of the loss-making gas distributor. Fortum shares gained 9.5%.

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