European shares close at seven-week high after ECB pause; Lagarde resigns
The pan-European Stoxx 600 index ends 0.77% higher at 649.11 points
European stocks reached a seven-week high on Thursday (Oct 29) after the European Central Bank (ECB) decided to pause interest rate hikes, as markets digested strong corporate earnings and Lagarde's impending resignation as ECB president. The Stoxx 600 index, a key indicator of European stocks, closed 0.77% higher at 649.11 points.
ECB President Christine Lagarde announced her resignation, sparking speculation over her potential successor and her impact on the eurozone economy. ECB officials stated that they anticipate a single interest rate hike in December, considering the impact of high energy costs on inflation. Strong earnings from major companies, such as Shell, TotalEnergies, and Airbus, helped counterbalance growing economic uncertainties and elevated oil prices.
However, some European banking stocks, including BBVA, underperformed due to mixed third-quarter results.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Christine Lagarde to step down early as European Central Bank president in February en.mercopress.com
- Race to find new head of European Central Bank after Lagarde leaves early rfi.fr
- European Central Bank President Lagarde to step down early aljazeera.com
- DBS denies rumours its Indon unit merging with Bank Central Asia; analysts see sense in such a deal businesstimes.com.sg
