India, Sept. 10 -- European stocks closed weak on Thursday as concerns about inflation due to elevated oil prices amid the ongoing conflict in the Middle East rendered the mood bearish. Investors also weighed the European Central Bank's decision to raise interest rates and warning of inflation risks.
The European Central Bank today raised its interest rate by 25 basis points to 2.5% as widely expected. The ECB staff released the latest round of macroeconomic projections, and they raised the inflation forecasts for next year and 2028.
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