Hesse, Frankfurt am Main, February 23, 2024: The lights of the Frankfurt am Main bank skyline shine in the final light. Photo: Boris Roessler/dpa (Photo by Boris Roessler/Photo Alliance via Getty Images)
Boris Roessler | Image Alliance | Getty Images
European markets closed slightly lower on Thursday, maintaining gains for much of the day after the European Central Bank said it kept interest rates unchanged.
Pan-European Stoke 600 The index fell 0.16%, closing down for the fourth consecutive day, with technology stocks dragging the index down 1.8%.
The industry appears to be taking a cue from the U.S., with the Nasdaq Composite continuing its decline as investors shift away from artificial intelligence stocks and into the broader market.
Automobile stocks led European stock markets higher, rising 1.23%. Volvo Cars shares rose 11% after the company reported a record second-quarter core operating profit.
The European Central Bank decided to keep interest rates unchanged after cutting interest rates in June, which was widely expected by the market. In a statement, the ECB’s Governing Council noted that domestic price pressures “remain high” and said headline inflation is likely to remain above the target rate “well into next year.”
Overnight, the Asia-Pacific market plummeted due to negative news about the chip industry, with Japan’s Nikkei 225 Index falling more than 2%.
Companies including Novartis, Volvo, Ubisoft and Nokia reported earnings on Thursday.
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