European Shares Climb With Central Bank Meetings In Focus

(RTTNews) - European stocks climbed on Thursday as investors cheered dovish Fed comments suggesting that the U.S. central bank remains on track to cut interest rates three times in 2024.

Investors also awaited a rate decision from the Bank of England later in the day for additional clarity on when it would start cutting interest rates.

The Swiss National Bank cut its main interest rate by 25 basis points to 1.50 percent today in a surprise move, while the Norwegian central bank kept its key interest rate unchanged at 4.5 percent but signaled it could start cutting rates later this year. Meanwhile, new survey data released earlier today showed that the Eurozone manufacturing sector activity downturn extended while the services sector continued to expand in March.

The pan European STOXX 600 was up 0.7 percent at 508.61 after closing flat with a negative bias on Wednesday.

The German DAX climbed 0.6 percent, France's CAC 40 edged up 0.2 percent and the U.K.'s FTSE 100 was up nearly 1 percent.

Next, a clothing, footwear and home products retailer, surged nearly 5 percent in London after posting improved pre-tax profit and backing guidance.

3i Group jumped 3.4 percent after the private equity and infrastructure firm reported an 8 percent increase in net asset value (NAV) over the third quarter.

Gold miner Centamin soared 5 percent after delivering annual production in line with guidance.

FirstGroup added 1.7 percent after it won the tender to operate one of London's most iconic travel infrastructure and leisure sites.

Nationwide Building Society gained 1 percent and Virgin Money UK rallied 2.4 percent after they agreed on the terms of a recommended cash acquisition of the entire issued and to be issued share capital of Virgin Money by Nationwide.

Veolia Environnement rose about 1 percent in Paris after it was selected by the Greater Paris Water Authority to manage its public drinking water for 12 years starting in 2025.

Automakers Volkswagen and Renault both rose about 1 percent as industry data showed new car sales in the EU rose for the second straight month in February on the back of strong demand among four major markets, especially in France and Italy.

New car registrations grew 10.1 percent year-over-year to 883,608 units in February, according to monthly data from the European Automobile Manufacturers' Association.

Germany's Vossloh gained 1.6 percent after achieving record sales and significant increase in EBIT in the 2023 financial year.

United Internet tumbled 3.6 percent after announcing its full-year results.