Markets unnerved by ECB interest rate hint

Most European stock markets closed marginally except London, Milan and Lisbon which were slightly up. The fly in the ointment? The ECB president left open the possibility of an interest rate rise in July.

Banks were mixed, Credit Agricole sank 7.7 per cent after revealing a disappointing price for shares in its 5.9 billion euro rights issue. But Royal Bank of Scotland rose by 4.3 per cent after its rating was upgraded.

The dollar rallied knocking down copper prices, and therefore mining stocks. Crude oil hovered around 123 dollars a barrel.

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