- Trump says Zelensky 'should never have let' Ukraine war start
- Harris woos undecided voters as Trump riles critics over Ukraine
- Hayes turns focus to US women's World Cup goal
- Zelensky seeks EU, NATO backing for 'victory plan'
- Bosch stuns Australia as South Africa reach Women's T20 World Cup final
- What we know about One Direction star Liam Payne's death
- Nicotine pouches rise in popularity as US youth tobacco use hits 25-year-low
- Mendis clinches Sri Lanka series win over West Indies
- Israel says killed Hamas chief Sinwar in Gaza
- Panel urges Secret Service shake-up after Trump assassination bid
- Trump, Harris back on friendly ground after tough interrogations
- Pressure on Ten Hag is 'too much': Brentford boss Frank
- Hamas chief Yahya Sinwar: Israel's most wanted man
- ECB bans transgender women from women's professional cricket
- Monaco aiming to last in Ligue 1 title fight with PSG
- Kenya deputy president impeachment trial in chaos after he falls ill
- English coaches 'capable' of managing national team, says Southampton boss
- Wales scrum-half Gareth Davies retires from international rugby
- Real Madrid fans dismiss 'fake' Mbappe rape reports
- IMF chief calls for unity on shared challenges in 'deeply troubled times'
- Australia post 134-5 in semi-final of women's T20 World Cup
- Tech giants go nuclear in AI arms race
- 1,100 mpox deaths recorded across Africa: CDC
- UK's National Gallery bans liquids after activist art attacks
- Onboard wifi is latest frontline in airline competition
- Instagram moves to face rising tide of sextortion scams
- Tributes to One Direction's Liam Payne after hotel balcony fall
- Bangladesh court issues arrest warrant for ex-leader Hasina
- Israel says 'checking' if Hamas chief Sinwar killed in Gaza
- Victims of Vietnam tycoon's record scam count losses after sentence
- EU leaders talk tough on migration, but divided on action
- Global stocks climb as ECB cut rates and tech rebounds
- Biden heads to Germany to discuss Ukraine, Middle East
- US retail sales pick up pace in September
- Pakistan sense series-levelling win over England after Sajid heroics
- Kenya deputy president falls ill during impeachment trial
- Mbappe to keep any explanations for Swedish justice, 'if necessary' - lawyer
- 345,000 Gazans face 'catastrophic' hunger this winter: UN
- ECB makes back-to-back interest rate cuts as inflation falls
- France's richest family, Red Bull in 'exclusive talks' for Paris FC takeover
- Public money 'must be at core' of new climate pact: UN's Stiell
- Russian MPs back ban on 'propaganda' of childless lifestyles
- New Zealand on top after India bowled out for 46 in rain-hit Test
- UK's Lammy visits China in bid to reset London-Beijing ties
- What's next in Swedish rape investigation into Mbappe?
- Nestle overhauls executive team as sales slump
- US B-2 bombers strike Huthi facilities in Yemen: military
- Eurozone stocks climb as ECB rate cut looms
- Lebanon crowdfunded ambulances under fire in Israel-Hezbollah war
- S Korean Nobel winner Han Kang hopes daily life 'won't change much'
CMSC | -0.65% | 24.76 | $ | |
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BCE | 0.2% | 33.548 | $ | |
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RELX | 0.91% | 48.594 | $ | |
VOD | -1.13% | 9.74 | $ | |
GSK | -0.22% | 39.125 | $ | |
AZN | -0.42% | 77.98 | $ | |
BP | 1.26% | 31.325 | $ |
Eurozone stocks climb as ECB rate cut looms
Paris and Frankfurt stock markets climbed and the euro traded mixed Thursday before an expected interest-rate cut from the European Central Bank as the eurozone faces weakening economic activity and falling price pressures.
Outside the eurozone, London gained in midday deals after Asian stock markets mainly struggled, with Beijing's latest plan to boost China's troubled property sector coming up short of expectations.
Investors are expecting the ECB to cut its benchmark rate by 25 basis-points Thursday, after two previous reductions this year.
Eurozone inflation for September has been revised down to 1.7 percent from 1.8 percent, official data showed Thursday. The rate is below the ECB's two-percent target.
A weak economy has also added pressure on the ECB to reduce borrowing costs.
"A rate cut today might not be an isolated event as it could take a lot more cuts to regain positive momentum in the economy," noted Russ Mould, investment director at AJ Bell.
"Economic data from the region has been weak of late, meaning the central bank needs to lower the cost of borrowing to encourage more businesses and consumers to spend."
- China's property sector crisis -
Hong Kong and Shanghai stock markets closed down, with property stocks tumbling after traders were left disappointed by fresh measures from China's housing minister to ease a real estate crisis.
Housing minister Ni Hong said Thursday that officials would almost double the amount of credit available to complete unfinished housing projects to $562 billion and also help renovate a million homes.
However, "there was no new initiative to excite markets about a meaningful revival in a sector", said Patrick Munnelly, market strategist at traders Tickmill Group.
China, the world's number-two economy, has struggled to recover since lifting strict Covid controls at the end of 2022, battered by a debt crisis in the property sector and torpid consumer demand.
Tokyo also closed lower Thursday, while focus around the world was also on the latest earnings season.
Taipei and New York-listed TSMC, which controls more than half the world's output of chips, announced a bigger-than-expected increase in net profit for the third quarter.
Analysts hope the announcement will offset fears over the tech sector after Dutch powerhouse ASML this week cut its 2025 guidance and forecast a slump in sales bookings.
"Early earnings from semiconductor manufacturing giant TSMC has allayed fears over a potential slowdown in demand for chips signalled by Tuesday's dour ASML data," said Joshua Mahoney, chief market analyst at Scope Markets.
Shares in Finnish telecoms equipment maker Nokia dropped more than four percent after it reported an eight-percent drop in sales.
Nestle's stock price rose 2.7 percent after its new CEO, Laurent Freixe, announced an overhaul of the executive team as sales slump at the food giant.
- Key figures around 1045 GMT -
Paris - CAC 40: UP 1.2 percent at 7,578.93
Frankfurt - DAX: UP 0.8 percent at 19,583.12
London - FTSE 100: UP 0.3 at 8,355.82 points
Tokyo - Nikkei 225: DOWN 0.7 percent at 38,911.19 (close)
Hong Kong - Hang Seng Index: DOWN 1.0 percent at 20,079.10 (close)
Shanghai - Composite: DOWN 1.1 percent at 3,169.38 (close)
New York - Dow: UP 0.8 percent at 43,077.70 (close)
Euro/dollar: UP at $1.0863 from $1.0859 on Wednesday
Pound/dollar: UP at $1.3008 from $1.2986
Dollar/yen: DOWN at 149.61 yen from 149.63 yen
Euro/pound: DOWN at 83.50 pence from 83.62 pence
West Texas Intermediate: FLAT at $70.37 per barrel
Brent North Sea Crude: FLAT at $74.21 per barrel
E.Schubert--BTB