European stocks steady on positive growth data

News24
12 May 2021, 23:42 GMT+10

European stock markets steadied Wednesday after the previous session's slump thanks to upbeat regional growth data.
The EU on Wednesday sharply revised its growth forecasts for this year and next, saying an accelerated vaccination drive and the bloc's landmark recovery plan would lift Europe out of recession.
Britain's economy meanwhile began to recover strongly at the end of the first quarter despite lockdown restrictions.

European stock markets steadied Wednesday after the previous session's slump thanks to upbeat regional growth data.

The EU on Wednesday sharply revised its growth forecasts for this year and next, saying an accelerated vaccination drive and the bloc's landmark recovery plan would lift Europe out of recession.

But with a range of commodities including copper, iron ore and lumber all surging to records or multi-year highs, those concerns are increasing while observers said rising demand for employees is also pushing up wage costs, adding upward pressure to prices.

The US central bank's position is that it will not move until it is happy unemployment is under control and inflation is running hot for an extended period.

Source: News24

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