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BAYN Bayer AG

27.315
-0.17 (-0.62%)
30 Apr 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type
Bayer AG TG:BAYN Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.17 -0.62% 27.315 27.24 27.39 27.75 27.245 27.545 167,079 22:50:04

EUROPE MARKETS: European Stocks Fall; ECB Watched For Stimulus Details

02/10/2014 1:45pm

Dow Jones News


Bayer (TG:BAYN)
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By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- Stocks across Europe were lower Thursday, stuck in the red after the European Central Bank matched the markets expectations by leaving interest rates unchanged. Markets are awaiting details around further steps the central bank may take to spur the sluggish European economy.

The ECB held its main lending rate at 0.05%, and the interest rate paid on deposits left overnight at the ECB was held at -0.2%. The rate on the ECB's marginal lending facility was kept at 0.3%.

Stimulus questions: ECB President Draghi will hold his monthly news conference in Naples, Italy, at 2:30 p.m. local time, or 8:30 a.m. Eastern. The central bank is under pressure to ramp up efforts to stimulate inflation and growth levels in the eurozone. A raft of recent data have highlighted worsening economic conditions in the region, including Wednesday's report showing manufacturing-sector activity in Germany -- Europe's biggest economy -- contracted and hit a 15-month low.

Markets: The Stoxx Europe 600 was down 0.5% at 338.60 in broad-based losses. European equities also felt the weight of heavy losses Wednesday on Wall Street as signs of momentum in the U.S. economy stoked worries the Federal Reserve will raise interest rates sooner rather than later.

The European oil and gas group stumbled 1%, as crude-oil futures slid below $90 a barrel for the first time since April 2013 after Saudi Arabia said it will cut the selling price of its oil.

Germany's DAX 30 managed to edge up fractionally, France's CAC 40 shed 0.1% and the U.K.'s FTSE 100 shed 0.2%.

In the markets, Bayer AG said it sold $7 billion worth of bonds in an effort to finance its purchase of Merck & Co.'s (MRK) over-the-counter medicine business. Shares of Bayer were down 0.8%.

In Frankfurt, Rocket Internet AG shares made their trading debut. They were at 39.95 euros ($50.48) in afternoon action, down from their issue price of EUR42.50.

Comments: The ECB wants "to get lending going again," as bank loans account for nearly 80% of corporate loans in the eurozone, compared with about 50% in the U.S., said Marshall Gittler, head of global currency strategy at IronFX, in a note.

The three main questions about the upcoming asset buying program will be what credit ratings the ECB require, what kind of underlying collateral will it accept and how much it will buy, said Gittler.

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