European Shares Mixed Ahead Of BoE Rate Decision

(RTTNews) - European stocks traded mixed on Thursday as uncertainty over Fed rate cuts deepened, and Israel forces pushed ahead with attacks on Rafah.

Traders also awaited the outcome of a Bank of England (BoE) policy meeting later in the day for further direction.

The central bank is set to hold its policy rate flat for a sixth meeting in a row, with focus likely to be on the MPC vote split, inflation outlook and Governor Andrew Bailey's comments.

The pan European STOXX 600 was marginally lower at 515.35 after rising 0.3 percent on Wednesday.

The German DAX edged up 0.3 percent, while France's CAC 40 slipped 0.1 percent and the U.K.'s FTSE 100 was little changed.

In corporate news, Spanish bank Sabadell jumped 3 percent after rival BBVA presented a 12.23 billion euro ($13.11 billion) hostile takeover offer directly to its shareholders. BBVA shares plunged 6 percent.

Italian payments group Nexi surged 6 percent after delivering better-than-expected first-quarter results and launching a share buyback program.

Oil & gas stocks traded higher as crude prices extended overnight gains on positive trade data from China. BP Plc climbed 0.8 percent and Shell added half a percent.

Oil services company John Wood Group added about 1 percent after confirming its FY24 and FY25 guidance.

ITV rallied 1.8 percent despite the broadcaster reporting a fall in first-quarter revenues.

BAE Systems rose 0.7 percent. The arms, security and aerospace company backed its FY24 outlook after delivering a strong performance so far this year.

China-related luxury goods makers traded lower in Paris despite Chinese imports surging past estimates and exports rising in line with expectations in April.

LVMH, Kering and Hermes all were down around 1 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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