Europe midday: Shares pace gains as BoE lifts rates again
European shares paced gains on Thursday as the Bank of England hiked interest rates to their highest level since 2008.
The pan-regional STOXX 600 index was up 0.43% in midday trade after the BoE raised UK interest rates by a quarter of a percentage point to 4.5%, as it continues to battle high inflation. It was the 12th increase in borrowing costs in a row and the highest level since October 2008, when banks caused the global financial crisis.
In equity news, shares in aircraft engine maker Rolls-Royce fell as the company held annual guidance. The stock has been one of the star performers so far this year, posting gains of 60% after full year results and a hike in profit guidance.
Dutch bank ING gained after reporting better than expected first-quarter profit, helped by rising interest rates and modest risk costs.
German conglomerate Thyssenkrupp fell as it posted a second-quarter net loss, but raised guidance for free cash flow.
UK broadcaster ITV was under the cosh after the broadcaster reported a drop in first-quarter total advertising revenue and said the outlook was "challenging" given the current macroeconomic backdrop.
Shares in Bayer fell as the German chemicals giant heavy fall in first-quarter profits, pulled down by falling sales of crucial weedkillers and drugs.
Reporting by Frank Prenesti for Sharecast.com