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Europe open: Stocks up as China cuts short-term rates; eyes on US CPI
European stcoks opened higher on Tuesday, continuing their rally as China cut a short-term lending rate, suggesting more easing could be on the way, and investors eyed US CPI data later in the day.
China cuts short-term loan rates in bid to stimulate economy
The People’s Bank of China on Tuesday cut a key short-term policy rate as it an economy stalling after the reopening from the Covid-19 pandemic failed to maintain momentum.
Oxford Instruments FY profits up 54% on strong order book
Oxford Instruments posted a 54% rise in annual profits on Tuesday, driven by strong order growth.
Rio Tinto aluminium boss to leave at year-end
Rio Tinto said Ivan Vella, chief executive of its aluminium division would leave at th end of the year after accepting a new position outside the company.
Centrica sees annual earnings at top end of expectations
British Gas owner Centrica said it expected annual earnings to be at the top end of expectations, driven by “significantly higher” profits at its retail division as customers struggle with soaring energy prices.
Bellway still sees lower output, average selling prices
UK housebuilder Bellway said it expected lower output and average prices due to a weaker order book and an uncertain interest rate environment.