European shares claw back losses after sharp selloff

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(Reuters) - European shares inched higher on Thursday, supported by banks, as markets showed some signs of recovery from a sharp selloff triggered by bets of aggressive interest rate hikes globally.

The STOXX 600 index rose 0.3% by 0711 GMT after slumping for two consecutive days.

Hot U.S. inflation data triggered a selloff across global equity markets earlier in the week, as it cemented views that the Federal Reserve will hike rates by yet another 75 basis points (bps) next week.

The European Central Bank raised its benchmark lending rate by a large 75 bps last week.

European banks rose 1%, leading sectoral advance, as lenders stand to gain the most from a higher interest rate environment, while Morgan Stanley (NYSE:MS) said it was positive on lenders in the region.