Europe: Stocks rise at open in key week for ECB

EUROPEAN stock markets rose at the open on Monday (Jul 18), with all eyes on the ECB later in the week when it finally raises eurozone interest rates to fight runaway inflation.

Frankfurt's DAX index climbed 0.5 per cent to 12,931.24 points and the Paris CAC 40 gained 0.5 per cent, rising to 6,066.96.

Outside the eurozone, London's FTSE 100 index advanced 0.8 per cent to 7,214.50 points.

The European Central Bank (ECB) will raise its interest rates on Thursday for the first time in more than a decade.

To try and counteract a steep rise in prices, the central bank has said it intends to raise its interest rates by a quarter point, the first such move since 2011.

Its delay in acting compared with other central banks, coupled with fears of a eurozone recession, saw the euro last week fall to parity with the US dollar. AFP