Eurozone stock markets up over 3%

March 16, 2022: Eurozone equities rallied more than three percent Wednesday, extending early gains on Ukraine peace hopes ahead of a US interest rate call, traders said.

In late morning deals, Frankfurt's benchmark DAX index jumped 3.1 percent, the Paris CAC 40 won 3.4 percent and Milan's FTSE MIB gained 3.2 percent.

Outside the eurozone, London's FTSE 100 index added 1.1 percent.

"There's certainly growing optimism that the ceasefire talks between Ukraine and Russia are actually leading somewhere," said OANDA analyst Craig Erlam.

"Of course, that could change quickly and the markets would reverse course just as fast, but there's hope."

Asian equities also rallied Wednesday, with Hong Kong leading the way after Chinese authorities pledged to provide support and stability to the country's troubled markets.

Traders are gearing up for an interest rate hike from the US Federal Reserve, which is fighting decades-high inflation.

AFP/APP