European markets close higher after ECB cuts rates for the third time this year
European markets closed higher on Thursday as traders assessed a flurry of corporate results and the European Central Bank’s third interest rate cut of the year.
The pan-European Stoxx 600 provisionally closed 0.84% higher with almost all sectors and major bourses in positive territory.
Food and beverage stocks led the gains, ending 1.9% higher, while telecoms stocks dipped 0.34%.
The ECB on Thursday delivered its third interest rate cut of the year as inflation risks in the European Union ease faster than expected.
The central bank lowered the deposit rate by a further 25 basis points at its October meeting. It comes after price rises in the euro area cooled to 1.8% in September, below the central bank’s 2% target.
Source: CNBC
