European Shares Slide Ahead Of BOE Rate Decision

(RTTNews) - European stocks fell in cautious trade on Thursday ahead of the release of eurozone inflation data as well as the Bank of England's latest monetary policy decision.

The Bank of England is expected to hold interest rates for the fourth time in a row, with some analysts expecting possible cuts later in the year amid easing cost-of-living pressures.

S&P Global and Hamburg Commercial Bank (HCOB) reported earlier in the day that the euro zone manufacturing PMI improved to a 10-month high of 46.6 in January 2024.

The pan European STOXX 600 was down 0.1 percent at 485.08 after finishing marginally higher in the previous session.

The German DAX dipped 0.3 percent and France's CAC 40 shed 0.7 percent while the U.K.'s FTSE 100 was up 0.4 percent.

In corporate news, Stora Enso slumped over 4 percent after the Finnish pulp and paper manufacturer reported significant declines in its Q4 and annual profits.

Biotech giant Roche tumbled 3.7 percent after forecasting a sluggish recovery in sales and earnings this year.

ING Group plummeted 8.3 percent. The Dutch lender said that total income for 2024 will likely be lower than 2023 due to interest-rate development.

Mining giant Glencore added 1.5 percent despite reporting lower copper, nickel and cobalt production in 2023 and signaling a further decline in output.

Ricardo jumped 3.2 percent after maintaining its guidance for the full year.

Oil giant Shell rallied 2.6 percent after full-year profit beat forecasts.

Telecoms giant BT Group rose 1.2 percent after reporting a surge in profit due to price increases.

Sanofi fell more than 2 percent after posting fourth-quarter earnings below estimates.

Also, the French healthcare firm announced that François-Xavier Roger will take over as Chief Financial Officer and join its Executive Committee starting April 1, 2024.

BNP Paribas plunged 8.6 percent. The lender reported pre-tax income of 1.476 billion euros for the fourth quarter, lower than 2.790 billion euros a year ago.

German sportswear maker Adidas slumped 7.4 percent after operating profit guidance missed consensus estimate.

Deutsche Bank jumped 4.6 after the lender lifted its revenue and payout targets and unveiled plans to cut 3,500 jobs.