{"id":121127,"date":"2021-09-09T09:36:15","date_gmt":"2021-09-09T09:36:15","guid":{"rendered":"https:\/\/fin2me.com\/?p=121127"},"modified":"2021-09-09T09:36:15","modified_gmt":"2021-09-09T09:36:15","slug":"european-stocks-at-3-week-lows-ahead-of-ecb-decision","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/european-stocks-at-3-week-lows-ahead-of-ecb-decision\/","title":{"rendered":"European stocks at 3-week lows ahead of ECB decision"},"content":{"rendered":"

(Reuters) -European stocks hit a three-week low on Thursday, tracking Asian shares lower on concerns of slowing global growth, while expectations were running high for the European Central Bank to announce a timeline to start paring its bond purchases.<\/p>

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 3, 2021. REUTERS\/Staff<\/figcaption>

The continent-wide STOXX 600 index was down 0.4%. UK\u2019s FTSE 100 led losses among regional indexes with a 0.9% drop and Germany\u2019s DAX touched over a one-month low. [.L]<\/p>\n

British airline easyJet tumbled 9.0% after it revealed plans to raise 1.2 billion pounds ($1.7 billion) and said it had rejected a takeover offer.<\/p>\n

Rivals British Airways-owner IAG fell 3.4% and Wizz Air dropped 2.6%.<\/p>\n

Travel stocks, down 1.4%, fell the most among sectors, while oil and gas, banking, and retail shares slipped between 0.7% and 1.0%.<\/p>\n

After hitting record highs in mid-August, the STOXX 600 has traded below those levels as fears about the fast-spreading Delta coronavirus variant, slowing recovery, and the withdrawal of stimulus by major central banks worried investors.<\/p>\n

The ECB is expected to slow its bond buying via its Pandemic Emergency Purchase Programme (PEPP) in the fourth quarter, according to a Reuters poll of economists, but also reassure markets that this is not the start of a gradual exit from easy policy.<\/p>\n

The policy decision is due at 1145 GMT, followed by ECB President Christine Lagarde\u2019s news conference at 1230 GMT.<\/p>\n

\u201cWe will hear central banks talking about tightening policies but I don\u2019t think we will see a lot of action,\u201d said David Miller, investment director at Quilter Cheviot Investment Management.<\/p>\n

\u201cIs a little bit less of QE or repurchases going to really affect markets? I think interest rate rises will be the critical factor.\u201d<\/p>\n

Asian shares dropped more than a percent, with Chinese gaming stocks coming under pressure from fresh regulatory scrutiny. Dutch investor Prosus, which has a stake in Chinese tech giant Tencent, fell 6%.<\/p>\n

Lloyd\u2019s of London slipped 1% after its chairman said the commercial insurance market is likely to be exposed to around 10% of the billions of dollars of insured losses from Hurricane Ida.<\/p>\n

Assa Abloy jumped 6.6% after U.S. lock maker Spectrum Brands Holdings Inc said it would sell its hardware and home improvement division to the Swedish rival for $4.3 billion in cash.<\/p>\n

Germany\u2019s Merck KGaA added 1.9% after issuing a more ambitious medium-term growth forecast for its Life Science unit.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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