European Shares Mixed Ahead Of ECB Rate Decision

(RTTNews) - European stocks were mixed on Thursday ahead of a European Central Bank (ECB) rate decision later in the day.

The ECB is widely expected to cut its benchmark rates by 25 basis points for the third consecutive meeting, citing weaker economic growth and moderating inflation.

Earlier today, the Swiss National Bank cut its interest rate by 50 basis points, its biggest reduction in almost 10 years amid an ongoing tussle with depressed inflation and a strong Swiss franc.

Investors also waited for French President Emmanuel Macron to appoint a new prime minister.

Macron is seeking a political deal that would allow him to both name a new prime minister and "guarantee the stability of the country," a spokesperson for the outgoing government said Wednesday and insisted there was at the moment no "broader" political alliance than the current one between his centrist allies and conservatives from the Republicans party.

The pan European STOXX 600 was marginally lower at 519.57 after rising 0.3 percent on Wednesday.

France's CAC 40 slipped 0.1 percent, while the German DAX was marginally higher and the U.K.'s FTSE 100 rose 0.2 percent.

Commodity-related stocks traded higher on optimism around more stimulus measures from Beijing.

Miners Anglo American, Antofagasta and Glencore rose between half a percent and 1 percent, while energy giants BP Plc and Shell rose about 1 percent each.

Bodycote, a provider of heat treatment and thermal processing services, was moving higher after an announcement that it intends to extend its existing 60 million pounds of share repurchase by a further 30 million pounds.

Specialist recruiter SThree plummeted 23 percent after warning of a sharp fall in profits.

Tech and electricals retailer Currys soared 12 percent after narrowing its first-half loss and backing full-year targets.

Hensoldt AG, a German provider of sensors and security solutions, was moving lower in choppy trade despite confirming its outlook for fiscal 2024, and raising parts of its medium-term target.

Semiconductor company STMicroelectronics rose about 1 percent after forging a strategic collaboration with Quobly, a French quantum computing startup.