European stocks closed sharply higher on Thursday (September 18th) thanks to strong support from major technology companies, as investors assessed policy decisions from major central banks and their impact on global interest rates.
The Federal Reserve cut interest rates by 25 basis points, as expected, and issued a median projection of two more rate cuts this year, although upward revisions to core inflation expectations and higher growth dampened speculation of further cuts next year.
Meanwhile, the Bank of England kept interest rates unchanged, as expected, but slowed the pace of its quantitative easing to ease pressure on longer-dated credit. Technology stocks surged, with ASML surging 7.7% while SAP, Infineon, and Nokia rose between 5% and 2%. Industrial giants also led the way, with Schneider, Safran, and Wolters Kluwer rising between 6% and 2%. (alg)
Source: Trading Economics
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