European Stocks Remain Steady
European stocks were steady on Thursday as investors awaited the European Central Bank’s (ECB) decision on monetary policy. The Stoxx Europe 600 Index was little changed, while the euro was slightly weaker against the dollar.
Car Stocks Slide
Car stocks were among the biggest decliners, with Volkswagen AG and Daimler AG both falling more than 1%. The sector has been under pressure in recent weeks due to concerns about the impact of the coronavirus pandemic on the industry.
ECB Decision Looms
The ECB is expected to announce its decision on monetary policy later in the day. The central bank is widely expected to keep interest rates unchanged, but investors will be looking for clues about the bank’s plans for the future.
Oil Prices Rise
Oil prices rose on Thursday, with Brent crude up 0.7% to $43.20 a barrel. The increase was driven by optimism about the global economic recovery, as well as expectations that OPEC and its allies will extend their production cuts.
Tech Stocks Gain
Tech stocks were among the biggest gainers, with the Stoxx Europe Technology Index rising 0.7%. The sector has been buoyed by strong earnings from companies such as Apple Inc. and Microsoft Corp.
Banks Mixed
Banks were mixed, with Deutsche Bank AG and UBS Group AG both rising, while Credit Suisse Group AG and Barclays PLC both fell. The sector has been under pressure in recent weeks due to concerns about the impact of the coronavirus pandemic on the industry.
Retailers Gain
Retailers were among the biggest gainers, with H&M Hennes & Mauritz AB and Inditex SA both rising more than 1%. The sector has been buoyed by strong earnings from companies such as Amazon.com Inc. and Walmart Inc.
Consumer Goods Stocks Mixed
Consumer goods stocks were mixed, with Unilever NV and Nestle SA both rising, while Danone SA and Reckitt Benckiser Group PLC both fell. The sector has been under pressure in recent weeks due to concerns about the impact of the coronavirus pandemic on the industry.
European Markets Overview
Overall, European markets were steady on Thursday as investors awaited the ECB’s decision on monetary policy. Car stocks were among the biggest decliners, while tech stocks were among the biggest gainers. Oil prices rose, while banks and consumer goods stocks were mixed.