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

Stocks Rise as S&P 500 Looks to End Losing Streak

U.S. stocks rose on Thursday morning, thereby giving hope to the possibility of the S&P 500 snapping its five-day losing streak. The S&P 500...

Rent Prices Fall for Third Straight Month

Rent prices for apartments across the United States fell for a third consecutive month in November, data from the real estate platform RealPage has...

Discover Credit Card Spending Shrinks Amid Inflation

Discover Financial Services confirmed that spending on its credit cards has slowed down in recent months as inflation hits a 40-year high and signs...