The Latest Breaking News from ECB

The European Central Bank has raised interest rates for the first time in 11 years in hopes of taming record high inflation.

U.S. stocks traded mixed this morning, with the Dow Jones dropping around 100 points on Thursday.

Paris (AFP) - The euro briefly soared against the dollar on Thursday after Russia resumed gas supplies to Europe and the European Central Bank surprised markets with a 0.5-percentage-point rate hike.

The move comes as the eurozone faces record-high inflation and a huge economic blow from Russia’s invasion of Ukraine.

Frankfurt (AFP) - The European Central Bank on Thursday brought an end to the era of negative interest rates in the eurozone with a bigger than expected half-point hike to combat soaring inflation, as President Christine Lagarde warned of a darkening economic outlook.

Move will add pressure on Bank of England to follow suit

"Further normalisation of interest rates will be appropriate," the ECB said after a bigger-than-expected 50 basis point hike in its key refinancing rate.

The Dow Jones Industrial Average fell Thursday, as the European Central Bank hiked interest rates. Tesla stock rallied on strong earnings results.

Bank surprises markets with 0.5 percentage point rise as inflation reaches 8.6% in eurozone

U.S. stocks ended higher Thursday, recovering from a mid-morning stumble, following news President Joe Biden has tested positive for Covid.

Paris (AFP) - The euro gained ground against the dollar on Thursday after Russia resumed gas supplies to Europe but stock markets were twitchy ahead of a European Central Bank policy meeting, where the guardian of the euro is expected to announce its first rate hike in over a decade.