European stocks opened higher on Monday as banks rose for the third day in a row on bets that the European Central Bank will raise interest rates again.
After its first weekly gain in four weeks on Friday, the pan-European STOXX 600 index went up by 0.2%.
By 7:15 a.m. GMT, the banks sector index had gained 1.1%, adding to its gains since Thursday, when the ECB raised its key interest rates by an unprecedented 75 basis points (bps) and said it would raise them again. Several banks think that rates will go up by another 75 bps in October.
Related: Futures for European stocks go down, and German industrial production goes down.
Investors also kept an eye on what was going on with Europe’s energy crisis. On Friday, the energy ministers of the European Union told Brussels to come up with plans within a few days to limit the profits of energy companies that don’t use gas and help power companies stay in business.
