European shares advance on eve of ECB rate decision

Zara owner Inditex's shares jumped after the company reported a pick-up in recent sales from its spring/summer collections. Photo: Yui Mok/PA Wire

The ECB is expected to cut its main interest rates by a quarter of a point on Thursday afternoon, to leave its deposit rate at 3.75 per cent and key lending rate at 4.25 per cent.The Iseq All-Share index closed virtually unchanged at 9,940.36. AIB dipped 0.1 per cent to €5.05 while Bank of Ireland declined 0.3 per cent to €10.12. Higher official rates – particularly deposit rates – have driven the two Irish banks’ income higher in recent years.

“The wheel of speculation over when interest rates will come in the US has stopped in a more positive position, leading to expectations that cuts are still on the cards at the Fed,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.In London, the automobile and parts sector led gains with a 2.9 per cent rise, while medical equipment and pharma rose 2.2 per cent and 1.2 per cent respectively.Centrica fell 4.

Source: Loan Digest (loandigest.net)

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