European Stocks Close Slightly Higher
European stocks closed higher on Thursday (July 24th) as markets assessed the outlook for trade and monetary policy in the European Union. The STOXX 50 rose 0.3% to 5,359, and the STOXX 600 gained 0.3% to 552. The ECB maintained its benchmark interest rate and noted that disinflation had developed in line with previous estimates.
The central bank also noted that further insights into economic developments would be needed before further clarity could be provided on the policy outlook, including a potential trade deal with the US and how the strong euro would move in the coming months. However, markets reduced bets on a rate cut this year after ECB President Lagarde noted that a rate cut might not be necessary.
Meanwhile, reports indicated that the US is likely to accept a reduction in tariffs against the EU to 15%, the lowest tariff threshold for any other country, amid a trade deal nearing agreement among EU diplomats. BNP Paribas rose 0.4% after also beating expectations on revenue and profit. (alg)
Source: Trading Economics
