European shares rose today, supported by the continued recovery of energy companies, on the back of high oil prices and gains in banking shares after hawkish comments from the US Federal Reserve Chairman.
According to (Archyde.com) the pan-European Stoxx 600 index rose 0.2 percent after a tepid start to the week. The European oil and gas sector index rose 0.8 percent, while the banking index rose 1.1 percent.
Federal Reserve Chairman Jerome Powell said yesterday that the central bank should move quickly to raise interest rates and perhaps more aggressively to fight severe inflation, after the 25 basis point rate hike last week affected markets.
The Ukrainian crisis has triggered a surge in commodity prices, including oil and industrial metals, amid fears of supply disruptions.