European Shares Mostly Higher As Focus Shifts To ECB, Powell

RTTNews | 1064 hari yang lalu

(RTTNews) - European stocks rose in cautious trade on Thursday, as investors await the ECB rate decision and an announcement on U.K. Prime Minister Liz Truss's energy bill support package later in the day.

The European Central Bank is widely expected to go for a large, 50-basis-point rate hike or a record 75-basis-point one, given the record high inflation and the tightening stance of its global peers.

The central bank is set to release the outcome of the governing council meeting in Frankfurt at 8.15 am ET.

ECB Chief Christine Lagarde is set to hold customary press conference at 8.45 am ET.

Investors also await comments from Federal Reserve Chair Jerome Powell later in the day for additional clues on inflation and growth outlook.

The pan European Stoxx 600 was marginally higher at 412.39 after declining 0.6 percent on Wednesday.

France's CAC 40 index rose 0.2 percent and the U.K.'s FTSE 100 added 0.3 percent while the German DAX was little changed with a negative bias.

Philips fell about 1 percent after reports that French prosecutors have opened a preliminary investigation into a respiratory device recall by the Dutch medical device maker.

Valneva SE shares were down 1.3 percent in Paris. The vaccine maker focused on infectious diseases, and VBI Vaccines Inc. said that they have joined hands for the marketing and distribution of PreHevbri in select European countries.

Automakers BMW and Volkswagen fell around 1 percent each after the Chinese megacity of Chengdu extended a lockdown for a majority of its more than 21 million residents.

Higher iron ore prices helped lift miners, with Antofagasta rising 1.4 percent and BHP adding 0.9 percent in London.

Restaurant Group surged 2.8 percent after narrowing its half-year net loss.

Melrose, the turnaround specialist that owns British engineer GKN, fell about 1 percent. The company announced plans to separate its GKN Automotive and GKN Powder Metallurgy divisions and list them as a separate independent business.

Associated British Foods plunged over 7 percent after a profit warning.

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