European stocks held their muted momentum and closed near the flatline on Thursday as markets digested the European Central Bank's rate cut.
The Stoxx 50 added 0.2% to close at 4,970, while the pan-European Stoxx 600 dropped 0.2% to close at 519. The ECB delivered 25bps cuts in its three main rates, as largely expected, and omitted previous signals that monetary policy must remain restrictive to fight inflation, stoking expectations of more rate cuts next year.
Tech and luxury performed well, with SAP and ASML adding over 1% each amid hopes of strong demand and good trade relations with China, while BMW, Hermes, and LVMH jumped between 2% and 0.5% to set the pace for consumer discretionary companies. In turn, insurers and industrials led the losses with Munich Re, Allianz, AXA, Siemens, and Schneider dropping. Outside the Eurozone, the SNB delivered a sharper-than-expected 50bps cut.
Source: Trading Economics
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