HomeFinancial MarketsEuropean Stocks Fall Ahead Of ECB Decision

European Stocks Fall Ahead Of ECB Decision

European stocks fell on Thursday as investors anxiously await the highly-anticipated European Central Bank announcement later this week. The pan-European STOXX 600 index slipped 0.3%, thereby falling from its five-week high achieved at closing on Wednesday.

Credit Suisse was hit particularly hard, plummeting by 8.5% on Thursday morning to a two-week low. This decline comes after the investment banking giant announced its intention to raise 4 billion Swiss francs by selling stock, all while cutting thousands of jobs in an effort to recover from heavy losses.

The European Central Bank is expected to announce a 75 basis point interest rate hike to 0.75%. It is also expected to begin taking steps towards reducing its 8.8 trillion euro balance sheet which has been largely affected by a combination of excessive debt purchases and the issuance of significantly cheap loans.

Joining Credit Suisse in decline was Finish refiner Neste, falling by 7.2% after reporting weaker-than-expected third-quarter operating results, as well as Franco-Italian chipmaker STMicroelectronics, which slipped 3.1% after forecasting a slowdown in sales growth during the final part of 2022. Shell was one of the few growth stocks on the morning, rising 2.1% after posting a third-quarter profit of $9.45 billion

Delta Struggling With Flight Cancellations Following Tech Outage

Delta Air Lines has continued to struggle with flight cancellations following last week's global cyber outage. This came after a software update by global...

Dolce & Gabbana Seeking New Capital Investment

Dolce & Gabbana CEO Alfonso Dolce confirmed that the fashion house is open to seeking new investors as a means of raising capital. This...

Former Nintendo President Claims Video Game Industry Set to Grow

Former Nintendo of America president and COO Reggie Fils-Aimé insisted that the video games industry is set to grow after suffering years of decline....