European Markets Steady Ahead of ECB Decision & U.S. Inflation Report
European shares saw a slight increase as investors awaited the European Central Bank's monetary policy decision and a significant inflation report from the U.S. The STOXX 600 rose by 0.1%, led by personal and household goods. Key events included ECB's rate decision and Covestro's stock surge.
As European shares registered a modest gain on Thursday, investor attention remained focused on the upcoming European Central Bank (ECB) monetary policy decision and a crucial U.S. inflation report.
The STOXX 600 index nudged upward by 0.1% to 553.03, buoyed by a 0.5% rise in personal and household goods sectors. This sectoral push was fueled by Kering's 1.5% increase following its announcement that it would delay the full acquisition of Italian fashion brand Valentino until at least 2028, deferring an expensive venture for the heavily indebted corporation.
The day's key highlight will be the ECB's interest rate announcement anticipated at 1215 GMT. Although most economists predict no changes to borrowing costs, investors will keenly observe President Christine Lagarde's remarks concerning Europe's challenging trade and political scenarios. In related developments, Covestro's shares surged 6.3% after Abu Dhabi's ADNOC reportedly prepared responses to an EU subsidy probe tied to its 14.7 billion euro bid. Meanwhile, attention will soon pivot to anticipated U.S. consumer inflation figures which could hint at an impending Federal Reserve interest rate cut next week.
(With inputs from agencies.)
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