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European Stocks Reach Record Highs as Traders Evaluate Policy Measures

European Stocks at Reach Record Highs as Traders Evaluate Policy Measures

London, 21 March 2024

As investors processed policy action from major central banks, European stocks traded at multi-year highs on Thursday. The STOXX 50 increased by 0.8% to a 23-year peak of 5,040 points, and the broader STOXX 600 set a new record.

The two Bank of England officials who had earlier argued for higher rates reversed course as the bank maintained borrowing prices at the 16-year high of 5.25%. In addition, the Norges Bank made hints about a rate cut in August, while the Swiss National Bank abruptly cut interest rates for the first time in nine years.

Furthermore, in spite of upward revisions to GDP growth predictions and ongoing price pressure, the Federal Reserve decided to stick with its plans for three rate reduction this year.

Data-wise, the Eurozone appeared to be approaching stabilisation after nine months of decline, according to March's PMI numbers, which were bolstered by the service sector's second consecutive month of increase. (Source: Trader Economics)


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