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European stock futures mixed; ECB policy decision looms large By
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Introduction- European stock markets are expected to open in a mixed fashion Thursday, as investors await the Eu ...
- European stock markets are Swiss foreign exchange dealersexpected to open in a mixed fashion Thursday, as investors await the European Central Bank’s monetary policy decision following the latest hike by the Federal Reserve.
At 02:00 ET (06:00 GMT), the contract in Germany traded 0.1% higher and in France climbed 0.1%, while the contract in the U.K. fell 0.2%.
The delivered an interest rate hike of 25 basis points on Wednesday, bringing the federal funds rate range to 5%-5.25%, the highest level since August 2007.
The U.S. central bank also signaled it could pause its year-long tightening cycle in June as officials assess inflationary pressures as well as the impact on lending conditions from the series of bank failures.
The spotlight now turns to Europe, with the widely expected to tighten monetary policy, lifting interest rates for the seventh time.
However, the size of the increase remains unclear.
Most expect officials to lift the benchmark rate by a quarter-point to 3.25% following signs underlying inflation is stabilizing and credit conditions are tightening. But a larger hike of 50 basis points can’t be ruled out as remains elevated at 7%.
Ahead of the decision, the economic data slate includes the final for much of Europe as well as the Eurozone for March, which is expected to show a fall of 1.7% on the month, an annual increase of 5.9%.
In corporate news, ArcelorMittal (AS:), the world’s second-largest steelmaker, reported higher-than-expected first-quarter , and Anheuser Busch Inbev (EBR:), the world's largest brewer, reported higher than expected , helped by sharply higher prices.
Volkswagen (ETR:) reported a sharp rise in in the first quarter, but the German carmaker saw a drop in operating profit after last year's first quarter profit was boosted by commodity hedging.
French IT consulting group Capgemini (EPA:) reported weaker growth in the first quarter versus the same period of last year, with the French IT consulting group citing a tense economic environment.
Oil giant Shell (LON:) is also scheduled to report its quarterly earnings.
Oil prices rose Thursday, rebounding after a three-day plunge on concerns demand in the world’s major consumers will be hit as interest rate increases stunt economic growth.
U.S. oil inventories continued to shrink, official data from the showed, falling just over one million barrels last week.
By 02:00 ET, futures traded 0.9% higher at $69.22 a barrel, while the contract climbed 1.2% to $73.19.
Both benchmarks were trading down between 8% and 11% for the week, and were close to their lowest levels since December 2021.
Additionally, rose 0.7% to $2,051.00/oz, while traded 0.2% higher at 1.1084.
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