European Shares Soar to Record Highs Amid ECB Interest Rate Anticipations
European shares hit record highs, led by industrials and technology stocks. Investors await the ECB's likely interest rate cut, contrasting with the Fed's unchanged stance. STOXX 600 index rose 0.3%, with significant gains by ABB and Bucher Industries. However, Deutsche Bank saw shares drop substantially.
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European shares climbed to unprecedented levels on Thursday, propelled by gains in industrial and technology markets. As investors eagerly awaited the European Central Bank's policy decision, anticipation of an interest rate cut fueled optimism.
The pan-European STOXX 600 index experienced a 0.3% rise, marking its third consecutive session of record gains. The ECB's anticipated 25-basis-point rate cut contrasts with the Federal Reserve's decision to maintain rates.
Industrials surged with ABB reporting better-than-expected profits, while technology stocks extended upward trends with ASML and Schneider Electric posting notable gains. Conversely, Deutsche Bank's shares plummeted following a disappointing quarterly performance.
(With inputs from agencies.)