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Making Phyllo Parcels with a Greek Yaya | SaltWire #halifaxnovascotia #greekfood #cooking -European shares rose for the third straight session on Monday, led by bond-proxy sectors, as investors looked to a near certain interest rate cut from the European Central Bank later this week.
All eyes are now on the ECB's interest rate decision on Thursday, where the central bank is expected to cut borrowing costs by 25 basis points from record-high levels, according to a Reuters poll. "This is not your typical rate cutting cycle. Central banks are set to keep rates above pre-pandemic levels due to persistent inflationary pressures – and last week's euro area inflation data again showed stalling inflation progress."
Euro-zone bond yields fell after data showed factory activity remained weak in the bloc and shrunk in the U.S. in May. That helped rate-sensitive real estate, telecoms and utilities, often considered as bond proxies, to lead sectoral gains.Among other stocks, British drugmaker GSK tumbled 9.2% after a Delaware judge allowed more than 70,000 lawsuits over discontinued heartburn drug Zantac to go forward. The stock weighed on the healthcare sector, sending it 0.3% lower.
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