European markets steady after ECB rate cut

by PratapDarpan 12 September 2024

written by PratapDarpan 12 September 2024 0 comments

Eurozone government bond yields, the euro and European stocks were flat on Thursday after the European Central Bank cut its key interest rate for the second time in three meetings, in line with expectations.

The euro was last at $1.1019, down less than 0.1%.

German 10-year bond yields, the benchmark for the euro zone, were little changed after the decision at 2.124%, up two basis points on the day.

The pan-European benchmark STOXX 600 index rose and was 1.1% higher, while the euro area banks index was up 1.8%.

Attention was now set to turn to ECB President Christine Lagarde’s post-decision press conference at 1245 GMT.

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