The pan-European Stoxx 600 index rose 1% by mid-morning, with chemical stocks climbing 2.1% to make a profit as almost all industries and major stock markets rushed to positive ground. Utilities fell 0.6%. The positive trade for Europe comes as world markets seem to be holding a return rally after a turbulent week last week. Asia-Pacific markets were mostly bullish overnight and bitcoin continued its recent recovery, while US futures contracts also rose (US markets were closed on Monday for the June holidays) . The recovery from the positive climate comes after the global market turmoil as investors assessed the prospect of more aggressive increases in US Federal Reserve interest rates and the growing chances of a recession. Last week, there was a flurry of central bank activity, with the Fed raising its key interest rate by 75 basis points, its biggest rise since 1994. The Bank of England also raised its fifth consecutive rate hike, surprising the National Bank of Switzerland markets with an increase of 50 basis points and the European Central Bank also announced that it plans to create a new tool to address the risk of fragmentation of the euro area. In terms of moving stock prices, Leonardo rose 6.2% at the beginning of trading, after the Italian aerospace and defense industry company announced that the American electronics unit of DRS agreed to acquire the RADA Electronic Industries of Israel. Finnish manufacturer Wartsila added 6.8% after announcing that together with the Swedish shipping company Stena, it is building the largest hybrid ship in the world. At the bottom of the index, the Swedish real estate company SBB slipped 6%.
