European Shares Subdued Ahead Of ECB Rate Decision

(RTTNews) - European stocks traded lower on Thursday as a slew of Chinese data disappointed and the Federal Reserve signaled that two more rate increases are on the way.

The ECB rate decision is due later in the day, with officials expected to raise interest rates by 25 basis points from the current level of 3.25 percent.

Meanwhile, investors ignored data showing that the euro area posted a narrower trade deficit in April.

The pan European STOXX 600 was down 0.3 percent at 463.55 after rising 0.4 percent on Wednesday.

The German DAX slipped 0.3 percent, France's CAC 40 shed 0.6 percent and the U.K.'s FTSE 100 was marginally lower.

Miners Anglo American, Antofagasta and Glencore fell 1-2 percent in London as the latest Chinese data on retail sales, industrial output, fixed asset investment and home prices fueled the gloom over the country's economic recovery.

Event organizer Informa jumped 3.2 percent after lifting its annual outlook.

Agri-Services group Origin Enterprises gained 1.7 percent. The company reported that its year-to-date revenue increased 9.3 percent or 11.3 percent on a constant currency basis to over 1.92 billion euros.

Halma plunged 5 percent after posting lower FY23 attributable profit.

Legal & General fell 2.6 percent after naming an outsider as its next chief executive officer to replace Nigel Wilson.

Siemens AG rose 0.6 percent. The German industrial conglomerate announced plans to invest €2 billion ($2.2 billion) to expand high-tech manufacturing, including a new plant in Singapore and an expansion at its Chinese factory in Chengdu.

Hugo Boss gave up 1.2 percent. The fashion company said that it aims to touch its previous mid-term sales target of 4 billion euros already this year, two years ahead of plan.

Swedish fashion giant H&M Group jumped 4.5 percent after the company said net sales increased by 6 percent in the period 1 March - 31 May 2023.

Stora Enso Oyj, a Finnish maker of solutions from wood and biomass, tumbled 3.5 percent.

The company said that it is axing around 1,150 staff members as part of its restructuring initiatives to boost its long-term competitiveness, improve profitability and focus capital allocation in growth markets.