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European stocks turn lower as ECB declines to add stimulus early

Europe stocks turn south as ECB declines to boost stimulus efforts

10/29/2020 4:20:00 PM

Europe stocks turn south as ECB declines to boost stimulus efforts

European stocks slipped on Thursday as the European Central Bank didn't bring forward stimulus even after Germany and France announced lockdown plans.

Down 3% on Wednesday, the Stoxx Europe 600 SXXP, -0.37% drifted 0.2% lower.The German DAX DAX, -0.14%, French CAC 40 PX1, -0.60% and U.K. FTSE 100 UKX, -0.16% each turned mildly lower.U.S. stock futures YM00, -0.05% NQ00, +0.62% climbed ahead of huge slate of earnings — including technology giants Alphabet GOOG, +1.54%, Amazon AMZN, +0.85%, Apple AAPL, +1.93%, and Facebook FB, +3.24% after the closing bell. U.S. gross domestic product as expected saw a 33% annualized jump in the third quarter.

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France and Germany on Wednesday separately announced new one-month lockdowns to fight the second wave of the COVID-19 pandemic. Economists at Berenberg say the French economy could contract as much as 4% in the fourth quarter, and the German economy could shrink by 1%.

The ECB as expected left interest rates unchanged and didn’t increase its asset-purchase program. That’s what analysts expected, though some had hoped the ECB would be moved into acting earlier.“The new round of Eurosystem staff macroeconomic projections in December will allow a thorough reassessment of the economic outlook and the balance of risks. On the basis of this updated assessment, the Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favourable to support the economic recovery and counteract the negative impact of the pandemic on the projected inflation path,” said the ECB.

Royal Dutch Shell RDSA, +1.05% RDS.A, +2.35% rose 2%, as the oil giant’s adjusted earnings of $955 million came in well ahead of the $146 million expectation.Nokia NOKIA, -16.10% NOK, -16.17% slumped 17%, as the telecom equipment maker cut its profit forecast for 2020 and introduced cautious guidance for 2021.

Read more: MarketWatch »

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