💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

European shares slip back; ECB, BOE eyed

Published 10/07/2010, 03:17 AM
Updated 10/07/2010, 03:20 AM
GC
-
HG
-

LONDON, Oct 7 (Reuters) - European shares edged lower in early trade on Thursday, giving up a little of the previous two sessions' gains, and ahead of interest rate decisions and policy indications from the Bank of England and European Central Bank.

At 0708 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,067.95 points, after rising 0.5 percent in the previous session.

Later in the session, the BoE and the ECB are both expected to say they are keeping interest rates at record low levels, of 0.5 and 1 percent respectively.

"We're not expecting the Bank of England to do anything concrete today. The markets have been pushed up on the expectations of QE (quantitative easing), but that's generally U.S. QE. People expect the Fed to do more QE next month," said Philip Isherwood , European equities strategist at Evolution Securities.

Miners gave up some gains from the previous session, though gold hit another record high, and copper remained near recent highs. Antofagasta, Kazakhmys and Vedanta fell between 0.9 and 2.6 percent.

Renault soared 7.3 percent after the French carmaker announced the sale of a large part of its 21.7 percent stake in Swedish truck maker Volvo. Volvo shares fell 3.3 percent. (Reporting by Brian Gorman)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.