PARIS/LONDON (dpa-AFX) – The eight-week stock market rally in Europe continued on Thursday. There was particular impetus given the euphoria in the USA, where the US Federal Reserve had signaled a turnaround in interest rates for 2024 the evening before. Since then, this has driven the most famous Wall Street index, the Dow Jones Industrial (Dow Jones 30 Industrial), to record highs. The European Central Bank (ECB) and the Bank of England (BoE), however, countered such expectations for Europe this afternoon. As a result, profits largely collapsed in many places during trading.
The EuroStoxx 50 (EURO STOXX 50), which had reached its highest level in more than 20 years at just under 4,600 points in the morning, ended the day with a small increase of 0.20 percent to 4,539.16 points. The French CAC 40, which had climbed to a new high, closed up 0.59 percent to 7,575.85 points. The London FTSE 100 gained 1.33 percent to 7648.98 points.
ECB President Christine Lagarde and Andrew Bailey, head of the BoE, emphasized this Thursday that the fight against high inflation is not yet over. The euro region’s monetary authorities “didn’t talk about interest rate cuts at all,” said Lagarde. The BoE changed its guidance on the future monetary policy also hardly. At least in Europe, this speaks against any imminent interest rate cuts, as is currently expected on the financial markets./ck/men