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Stocks Mixed Ahead of ECB Decision

European and US stocks were mixed on Thursday as investors braced themselves for the European Central Bank’s interest rate policy decision due later in the day. The Stoxx Europe 600 index edged just 0.1% higher, while stateside, S&P 500 futures rose 0.2%. Futures on the Nasdaq 100 and the Dow Jones Industrial Average gained 0.3% and 0.1% respectively.

With Europe facing continued cost pressures spearheaded by surging energy prices, money markets have priced a two-thirds chance that the European Central Bank will raise interest rates by 25 basis points. This is a stark change from earlier in the month when money markets expected a pause.

“The market is split on the ECB right now and we have to acknowledge the hawkish shift in expectations over the last two weeks,”  Geoffrey Yu, senior strategist at BNY Mellon remarked. “The risk-reward heading into the decision is not good for the euro.”

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