European Markets Higher After ECB Rate Cut
European stocks were higher on Friday as investors continue to digest the European Central Bank's decision to cut rates and its impact on future monetary policy.
The pan-European Stoxx 600 was up 0.49% by 8:53 a.m. London time, with all sectors and major bourses trading in positive territory. Autos led gains, up 1.43%, while construction and materials stocks were also 0.91% higher.
Shares of French financial services firm Worldline plunged more than 16% after it announced the departure of its CEO and adjusted in full-year guidance amid what it said were "slower trading conditions."
The European Central Bank slashed rates as expected on Thursday, marking its second 25-basis-point cut this year and bringing its key interest rate to 3.5%.
Policymakers gave little indication on the course for monetary policy, however, with President Christine Lagarde saying the bank was not "pre-committing to a particular rate path."
Source : CNBC