European Shares Decline Ahead Of ECB Decision

European stocks traded lower on Thursday as investors digested the Fed’s 25-bps rate hike announcement and awaited a European Central Bank (ECB) decision later in the day.

The ECB is widely seen raising the key refi rate by 25 basis points as inflation is expected to remain high for too long.

ECB President Christine Lagarde is set to hold press conference at 8.45 am ET.

In economic releases, Eurozone PMI Service PMI was finalized at 56.2 in April, up from March’s 55.0 and marking a 12-month high.

Industrial producer prices decreased by 1.6 percent in the euro area in March compared to February, Eurostat said.

Investors were also reacting to German exports data and service PMI readings from the region.

The pan European STOXX 600 was down 0.6 percent at 459.57 after gaining 0.3 percent on Wednesday.

The German DAX, France’s CAC 40 and the U.K.’s FTSE 100 were down between 0.6 percent and 0.7 percent.

Staffing group Adecco rose 1.3 percent after its first-quarter sales topped expectations.

ArcelorMittal, the world’s second-largest steelmaker, fell more than 2 percent after its Q1 sales and earnings declined.

Danish drug developer Novo Nordisk plunged nearly 5 percent after saying it would have to halve the supply of starter doses of its popular Wegovy weight-loss drug in the United States due to high demand.

Oil & gas giant Shell rose over 2 percent in London after its first-quarter profit beat forecasts despite lower energy prices.

Mothercare plunged 12.5 percent after the baby products retailer warned it may require waivers for future debt covenant tests.

Domino’s Pizza climbed 1.1 percent after posting record first-quarter sales and launching a £20m share buyback.

Home and clothing retailer Next Plc rose over 2 percent after maintaining its sales and profit guidance.

BAE Systems fell over 1 percent. The defense giant said its performance in the first financial quarter has been in line with expectations.

Capgemini shares fluctuated after the French IT consulting group posted weaker revenue growth in the first quarter amid a tense economic environment.

German carmaker BMW rallied 1.6 percent after reporting a higher earnings margin for its cars segment.

Volkswagen gained about 1 percent after confirming its FY23 view.

Biotech firm MorphoSys AG soared 5 percent after narrowing its Q1 loss.

Utility Uniper jumped 6.4 percent after it swung to a profit in the first quarter.
Chipmaker Infineon Technologies lost 3 percent despite raising its full-year guidance.

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