As the U.K. inflation rate remained stubbornly high and signs of further monetary tightening emerged, European stock market traded substantially lower on Wednesday.

The central bank anticipates increasing rates of interest once more the next month, probably to 4.75 percent from 4.50 percent to 4.75%.

In addition to leading the festivities for the central bank’s 25th anniversary. The European Central Bank President Christine Lagarde is slated to speak later on Wednesday

Oil prices increased on Wednesday as a result of industry data showing a steep decline in US stocks. Which suggests tighter supply as the US driving season approaches.

The price of gold futures increased 0.47% to $ 1,984.00 /oz, and the EUR/USD rate increased slightly to 1.0772.