Markets in Europe advance ahead of interest rate increases

dipped 0.95 per cent to €2.93.The UK’s FTSE 100 inched higher on Monday, set to rise for the month as some investor nerves were soothed over reports that British prime minister Rishi Sunak could extend a freeze on British foreign aid, helping offset a fall in oil stocks.

Mr Sunak might extend the foreign aid spending cut by another two years to 2026-2027 as the government draws up spending cuts and cancels tax cuts to ease the squeeze on household budgets caused by higher costs of living, according to a Telegraph report. Centrica’s boost helped the blue-chip FTSE 100 close 46.86 points higher, or 0.66 per cent, at 7,094.53.Germany’s Dax made strong gains during the day but stocks slipped to edge just 0.08 per cent higher when markets closed. The French Cac was down 0.1 per cent.German airlineUS stocks fell on Monday, potentially stalling a two-week rally in the S&P 500 and the Nasdaq indexes, as investors turned cautious ahead of the Federal Reserve’s rate-setting meeting this week.

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