European markets opened mixed on Thursday as investors process a raft of central bank action.
index was 0.05% lower in early deals, with sectors and major bourses across the region trading diverging. Media and chemicals stocks were both down 0.82% while mining stocks were up 0.5%.jumped more than 11% to hit an all-time high, before paring gains slightly, after the company reinstated its dividend and raised its profit forecast on the back of strong first-half results.
The Bank of England announces its latest monetary policy decision at midday London time. Market pricing slightly favors a 25 basis point interest rate cut from the U.K. central bank, kicking off its path of monetary easing. However,there is more uncertainty surrounding its decision than usual despite inflation holding at 2%, with some voting members still concerned about service sector inflation and wage growth.
The BOE's meeting comes in the wake of the U.S. Federal Reserve's, which ended in a widely expected hold on rates. At his press conference, Fed Chair Jerome Powell said a rate cut in September — which traders view as near-certain — was "on the table," as long as inflation data continues to support one. Powell appeared to rule out that the cut would be as large as 50 basis points, however.
Investors are still processing Wednesday's surprise move from the Bank of Japan, which raised its benchmark interest rate to around 0.25%, its highest level since 2008, and hinted at more tightening to come. The decision powered the yen to a four-and-a-half month high against the U.S. dollar, asChair Powell gives the September rate cut signal traders were hoping forASML
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