[BENGALURU] European stock markets turned into a sea of red on Thursday after the European Central Bank signalled monetary policy easing ahead, but disappointed investors who sought more clarity on its action to stimulate a slowing economy. Read more at The Business Times.
[BENGALURU] European stock markets turned into a sea of red on Thursday after the European Central Bank signalled monetary policy easing ahead, but disappointed investors who sought more clarity on its action to stimulate a slowing economy.
Howeve, the gains soon evaporated and the index tumbled more than 0.5 per cent after ECB chief Mario Draghi said the risk of a recession in the euro zone was"pretty low", policymakers did not discuss interest rate cuts at Thursday's meeting and they would wait for more data before"taking action." German shares suffered the biggest blow, falling 1.3 per cent. A survey showed Germany's business morale plunged in June, stoking fears a manufacturing crisis is pulling Europe's largest economy towards recession..
Banks ended 0.2 per cent lower after shooting up earlier in the day on news the ECB discussed tiered deposit rates, which would mean banks are exempted in part from paying the ECB's 0.4 per cent annual charge on their excess reserves, boosting their profits.
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