European stocks edged lower Thursday in cautious trade ahead of the latest European Central Bank decision.
Up 32% from its March lows, the Stoxx Europe 600
SXXP,
slipped 0.5%, with the recently rallying Stoxx Europe Total Market Value Index
STVP,
declining by 1%.
Decliners included shopping center real estate groups Hammerson
HMSO,
and Unibail-Rodamco-Westfield
URW,
.
The European Central Bank is expected to expand its €750 billion Pandemic Emergency Purchase Program, by €500 billion, after ECB President Christine Lagarde downgraded the central bank’s eurozone GDP estimate to a drop between 8% and 12% this year.
The German DAX
DAX,
declined 0.6% as Germany adopted a pandemic economic-stimulus package worth €130 billion for 2020 and 2021.
The euro
EURUSD,
and the British pound
GBPUSD,
each edged lower after recent gains.
Futures on the Dow Jones Industrial Average
YM00,
fell 74 points.
LVMH Moet Hennessy Louis Vuitton
MC,
shares were steady after saying “on this occasion” it is not considering buying Tiffany
TIF,
shares “on the market” after a board meeting. Women’s Wear Daily has reported that LVMH’s planned takeover of Tiffany was in jeopardy.
Of stocks on the move, spirits maker Remy Cointreau
RCO,
rallied 6% as the company said it expects a strong second half of the year and presented its longer-term goals that include an operating margin of 33% by 2030. Its fiscal year ending March profit slumped 29% on a 21% operating margin.
Galapagos
GLPG,
rose as Phase 3 studies of drug it’s making with Gilead
GILD,
showed “sustained efficacy and a consistent safety profile” in treating moderately to severely active rheumatoid arthritis.
Source : MTV
