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UKX FTSE 100 Index

7,952.62
20.64 (0.26%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
FTSE 100 Index FTSE:UKX FTSE Indices Index
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  20.64 0.26% 7,952.62 7,975.38 7,931.36 7,931.98 0 16:35:30

EUROPE MARKETS: European Stocks Waver Ahead Of First ECB Call Of The Year

19/01/2017 9:56am

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By Sara Sjolin, MarketWatch

Analysts hope for confirmation QE will continue through 2017

European stock markets struggled for direction in the early going on Thursday, with investors taking a cautious stance ahead of the European Central Bank's first policy meeting of the year.

The Stoxx Europe 600 index inched 0.1% higher to 363.30, still trying to recover from its selloff on Monday and Tuesday. The pan-European benchmark on Wednesday closed 0.2% higher (http://www.marketwatch.com/story/european-stocks-wander-as-corporate-updates-come-into-focus-2017-01-18) after a round of well-received corporate news.

On Thursday, shares of Zodiac Aerospace shot up after news it has agreed to be bought out by Safran SA, in a deal that values the plane cabin interiors specialist at 8.5 billion euros ($9 billion).

The key event for Thursday is the ECB meeting in Frankfurt, where it will deliver its first policy decision since extending the run of quantitative easing in December. Since then, eurozone inflation has risen sharply, while Germany has called for the bank to bring its ultra-accommodative bond buying to an end.

Read:'The more boring, the better' -- what to watch from the ECB today (http://www.marketwatch.com/story/the-more-boring-the-better-why-analysts-are-hoping-for-an-ecb-snoozer-2017-01-18)

ECB President Mario Draghi is expected to defend the bank's easing position and keep rates at a record low, by arguing that the rise in inflation is mainly due to a jump in energy prices. The rate decision is due at 12:45 p.m. London time, or 7:45 a.m. Eastern Time, followed by Draghi's press conference at 1:30 p.m. London time.

The euro traded at $1.0651 ahead of the decision, up from $1.0630 late Wednesday in New York.

"The risks around today's ECB meeting and press conference are moderately to the downside for [the euro]," Adam Cole, head of G10 FX Strategy at RBC Capital Markets, said in a note.

"We again expect Draghi to go to lengths to stress that the reduction in monthly asset purchases announced at the last meeting does not constitute tapering," they added.

At its last meeting, the ECB said it would extend its QE program to end in December 2017, rather than March 2017. However, it reduced its bond buying to 60 billion euros a month from the current EUR80 billion.

Other indexes: Germany's DAX 30 index slipped 0.1% to 11,592.04, while France's CAC 40 index gave up 0.1% to 4,847.97.

The U.K.'s FTSE 100 index lost 0.3% to 7,224.49.

Movers: Shares of Zodiac Aerospace (ZC.FR) rocketed 21% after French aerospace supplier Safran (SAF.FR) said it will buy the cabin seat manufacturer (http://www.marketwatch.com/story/safran-agrees-to-buy-zodiac-aerospace-2017-01-19-14854639) in a deal that should create the No. 3 aerospace supplier to big plane makers Airbus SE and Boeing Co.

Moneysupermarket.com Group PLC (MONY.LN) jumped 6.7% after the price-comparison website said adjusted full-year operating profit has risen (http://www.marketwatch.com/story/moneysupermarket-to-post-8-rise-in-profit-2017-01-19)8%.

Newly-merged Royal Ahold Delhaize NV (AD.AE) climbed 3.9% after the supermarket operator said a strong performance in the Netherlands (http://www.marketwatch.com/story/royal-ahold-delhaize-sales-helped-by-netherlands-2017-01-19) helped to offset mixed results in the U.S. in the fourth quarter.

Royal Mail PLC (RMG.LN) dropped 4.7% after the mail and parcel delivery company said sales in the U.K. fell 25% in the nine months to Dec. 25.

 

(END) Dow Jones Newswires

January 19, 2017 04:41 ET (09:41 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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