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14 Jan 2022

U.K. Markets Soar as GDP Firms while European Stocks Plummet

The Index Today

A stronger GDP has propelled U.K. markets growth on Friday while European stocks faced a drop following comments by a hawkish Fed, adding to the ongoing worldwide selloff.

France’s CAC 40 fell by 0.8%, Germany’s DAX plummeted 0.7%, and the FTSE in the U.K. plunged by 0.2% at 0910 GMT.

The U.K. economy’s 0.9% growth in November spurred the FTSE to surpass prominent peers in Europe. However, this development was stalled after the country witnessed a rapid surge in Omicron infections last year during the month of December.

Wall Street’s major indices fell sharply following hawkish comments made by Fed policymakers with regards to an ahead-of-schedule interest rate hikes in the U.S. Fed Governor Lael Brainard has also echoed current sentiments of American central banks calling for increased interest rate hikes to combat pandemic-induced inflation.

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