The ECB raises rates by 50bps – the central bank’s first hike in 11 years, which finally lifts the benchmark rate from negative territory. Italy is once again plunged into political turmoil and faces a snap election, possibly in late September, after the coalition government led by Prime Minister Mario Draghi collapses. President Sergio Mattarella is forced to accept Draghi’s resignation and dissolve parliament. In Germany, beleaguered utility Uniper is closing in on a bailout deal with a decision expected today. The country’s economy minister Robert Habeck accuses Russia of blackmailing Europe over gas. And Wall Street closes in the green but the momentum is short-lived as social media firm Snap misses expectations for the second quarter. 

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