European equities close 1% higher; the Stoxx 600 crossed the 500-point mark for the first time

By flymultimediaghana Mar10,2024
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The European Central Bank’s revised inflation projection on Thursday helped put the 2024 rally back on track, and European markets ended the day higher.

European equities close 1% higher; the Stoxx 600 crossed the 500-point mark for the first time
European equities close 1% higher; the Stoxx 600 crossed the 500-point mark for the first time

The pan-European Stoxx 600 broke above the crucial 500 threshold for the first time during the session, and it ended the session with a provisional 1.05% gain at 503.45 points.

Price Change: % Variation in European Market Ticker Company Prices

The FTSE 100 is 7659.74, 32.72, and 0.43.

The GDAXI DAX is 17814.51, 28.34, and 0.16.

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The.FCHI CAC 40 Index is 8028.01-1179 0.15

FTSE MIB 33403.8 -14.88 -0.04.FTMIB

Idx 10305.7 -13.9 -0.13.IBEX IBEX 35

European equities close 1% higher; the Stoxx 600 crossed the 500-point mark for the first time
European equities close 1% higher; the Stoxx 600 crossed the 500-point mark for the first time

The European Central Bank reduced its projection for inflation in 2024 from 2.7% to 2.3% while maintaining interest rates at a record 4%.

Additionally, it stated that this year’s growth in the euro zone will be less robust than anticipated, at 0.6%.

The revised macro estimates were interpreted by the markets, who had already priced in rate cuts starting in June, as more evidence for that month.

Meanwhile, market pricing “seems to be converging better” with the ECB’s own assessment, according to ECB President Christine Lagarde.

According to Matthew Ryan, head of market strategy at Ebury, the news released on Thursday “all but seals the deal that the bank will start easing policy at its June meeting, provided we don’t see a blowup in both inflation and wages in the interim.” After today’s statement, swap markets have about fully priced this in.

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