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European Stocks Rise Following Surprise Chinese Rate Hike

European stocks steadied on Tuesday morning as China’s central bank unexpectedly decreased interest rates in an effort to prop up the struggling economy as its post-pandemic recovery has so far proved less smooth than expected.

“Although policymakers are rightly looking to prevent a meltdown in China, we think the property sector problems are a reflection of a structural downturn which will shape the Chinese economy for years to come,” Susana Cruz, a strategist at Liberum Capital observed, adding that China’s property sector struggles are likely to spill over to European and UK companies.

The broad Stoxx 600 Europe index remained flat during early trading on Tuesday, while London’s FTSE 100 slipped marginally lower after UK wage growth increased at its fastest pace on record, thereby raising bets on a Bank of England interest rate hike when it reconvenes in September.

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