European rate hikes reemerge

European interest rate hike expectations are now leaning towards December 2023, according to JPMorgan and BNP Paribas, with the European Central Bank likely to raise rates by 25 basis points due to inflation risks and rising energy prices. This reflects ongoing economic growth resilience and concerns about sustained energy price pressures, with forecasts indicating borrowing costs will remain high for a longer period, while oil prices remain above $95 per barrel and markets are fully pricing in a possible rate hike at the September meeting.

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