The European markets gained at the opening hour on Thursday. The British FTSE was last trading 0.1 percent higher. French CAC was trading 0.6 percent in the green, while the biggest European market by volume, German DAX was up 0.2 percent.

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The indices ended lower on Wednesday. CAC ended 1.4 percent in the red, and DAX was down half a percent.

The US Federal Reserve hiked the interest rates by a quarter percentage-point to 5.5 percent, the highest level in 22 years. This is the 11th increase since early 2022. The US Fed chair Jerome Powell refused to be pin down on when officials may hike again, citing a raft of economic reports due before the Fed’s next meeting in September. “All of that information is going to inform our decision as we go into that meeting,” he said.

Wall Street ended ended largely unchanged in the previous session. Dow ended 0.2 percent higher, while S&P and Nasdaq closed marginally down and 0.1 percent lower, respectively.

The European markets are also taking cues from their Asian counterparts. Japan's Nikkei was last trading 0.7 percent higher, while China's Shanghai Composite was trading 0.2 percent in the red. Hong Kong's Hang Seng was also trading 1.5 percent higher.

At the last count, Brent crude futures were trading 0.9 percent higher at $83.7 a barrel. US West Texas Intermediate futures, too, were trading 1.1 percent higher at $79.7 per barrel.

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First Published:Jul 27, 2023 1:12 PM IST