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This backdrop has supported euro zone bond markets in recent days, allowing yields to fall further. Its 10-year bond yield touched 0.74% , its lowest level in almost eight weeks, before steadying around 0.75%. Most 10-year bond yields in the euro area were steady with Tuesday’s two-day meeting of the U.S. Federal Reserve providing another reason for subdued trading across markets. Germany’s benchmark 10-year bond yield was flat on the day at -0.27%. “The key point is that new EU bonds will provide investors with a liquid alternative,” said Lidia Treiber, director, research at WisdomTree Asset Management.
Persons: Christine Lagarde, , Antoine Bouvet, Lidia Treiber Organizations: European Central Bank, Politico, ECB, ING, U.S . Federal Reserve, European Union, EU, WisdomTree Asset Management Locations: Italy
Dovish ECB keeps Italy bond yields at lowest in almost 8 weeks
  + stars: | 2021-06-14 | by ( Dhara Ranasinghe | ) www.reuters.com + 0.00   time to read: +2 min
This backdrop has supported euro zone bond markets in recent days, allowing yields to fall further. Its 10-year bond yield touched 0.74% in early Monday trade , its lowest level in almost eight weeks. The closely-watched gap between Italian and German 10-year bond yields was at 102 basis points on Monday. Most 10-year bond yields were steady but holding near recent lows -- Germany’s benchmark 10-year bond yield was at -0.28%, about 1 bps off multi-week lows hit on Friday. Most analysts expect the EU to kick off with a 10-year bond with a volume in the region of 11 billion euros.
Persons: Christine Lagarde, Rainer Guntermann, “ BTPs, , Dhara Ranasinghe, Emelia Sithole Organizations: European Central Bank, Politico, ECB, Bank of Italy, European Union, EU Locations: Italy, 90bp
RPT-GRAPHIC-Take Five: Fed-flation in focus
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +4 min
After years of very low inflation, a range of metrics, including the Fed’s preferred core personal consumption expenditures (PCE) price index, are on the rise. The PCE rose 3.8% in the 12-months to May, its largest jump in three decades. The Fed insists consumer price gains will be temporary and that it has the tools to combat an inflationary surge. -ANALYSIS-Job-inflation tradeoff, exiled from Fed policy, could mean a hot summer2/ DEBT DEBUTThe EU will issue its first bond under the 800 billion euro post-pandemic recovery fund, possibly within days. Yet, don’t underestimate the significance: The EU is set to become one of the world’s biggest issuers with 80 billion euros worth of bonds for the recovery fund sold this year.
Persons: Alexander Hamilton, Joe Biden, Tayyip Erdogan, Biden, Vladimir Putin, Putin Organizations: Federal Reserve, PCE, Fed, Treasury, ECB, EU, NATO, Wednesday, hawkish, Bank of New, Kiwi Locations: Europe, United States, China, Beijing, Brussels, Syria, Afghanistan, U.S, Ankara, Washington, Geneva, Ukraine, Bank of New Zealand, New Zealand
Euro zone at a turning point but too early to debate end of ECB help: Lagarde
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
The euro zone economy is at a turning point but its recovery must be firm and sustainable before the European Central Bank can debate clawing back emergency support, ECB President Christine Lagarde told Politico in an interview. "I am not suggesting that the pandemic emergency purchase programme (PEPP) is going to stop on 31 March," Lagarde was quoted on Monday as saying. "We have plenty of flexibility, but in terms of economic outlook we are heading in the right direction. Economists expect the ECB to start discussing the end of PEPP at their September meeting and the vast majority of ECB watchers polled by Reuters do not expect PEPP to be enlarged and extended again. "We are at a turning point where, bearing in mind alternative (virus) variants, we are on that recovery path, heading firmly towards a return to the pre-COVID-19 level," Lagarde added.
Persons: Christine Lagarde, Lagarde Organizations: European Central Bank, Politico, ECB, Reuters, Thomson Locations: PEPP
UPDATE 1-German bonds set for best weekly performance in 2021
  + stars: | 2021-06-11 | by ( Yoruk Bahceli | ) www.reuters.com + 0.00   time to read: +3 min
On Thursday, the European Central Bank maintained an elevated pace of pandemic emergency bond purchases (PEPP) for the third quarter. Bond yields move inversely with prices. The German yield curve, measured by the gap between two and 10-year yields, was at its flattest in nearly two months at 40 bps. Southern European bonds, which outperformed following the ECB session on Thursday, also continued rallying on Friday. Italy’s 10-year yield down nearly 5 bps to 0.76%, pushing the closely watched risk premium over German bonds to a new five-week low 103 bps.
Persons: , Ralf Preusser, Myria Kyriacou, Bond, BTPs, ” Spyros Andreopoulos, Klaas, Robert Holzmann Organizations: BTPs, Southern, ECB, European Central Bank, . Treasury, BNP
Euro zone fiscal policy must keep large role for years: ECB's Knot
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com sentiment -0.94   time to read: +1 min
FILE PHOTO: ECB board member Klaas Knot appears at a Dutch parliamentary hearing in The Hague, Netherlands September 23, 2019 REUTERS/Eva PlevierFRANKFURT (Reuters) - Europe needs new budget rules so government spending can maintain an oversized role for years to come while monetary policy remains constrained, European Central Bank policymaker Klaas Knot said on Friday. Instead simply of reinstating the rules, Knot argued for an overhaul of the Stability and Growth Pact as central banks have limited scope for manoeuvre and fiscal policy is more powerful when rates are at or near their effective lower limit. “As the current low interest rate environment is likely to persist, we need a structurally larger role for fiscal policy in macro-economic stabilization for the foreseeable future,” the head of the Dutch central bank said in a speech. “Fiscal flexibility is needed and has to be an integral feature of the framework, rather than an all-or-nothing button which may, or may not, be pressed in an emergency,” Knot added. The new framework needs to improve coordination of national fiscal policies within euro zone, much like the bloc is doing with the New Generation EU Fund, and must have flexibility beyond automatic stabilizers and emergency measures.
Persons: Klaas, Eva Plevier FRANKFURT, Klaas Knot Organizations: ECB, European Central Bank, New, EU Fund Locations: The Hague, Netherlands, Europe, Dutch
More sustainable euro zone inflation coming: ECB's Knot
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +2 min
FRANKFURT (Reuters) -Copious budget spending in the euro zone is finally generating a sustainable rise in inflation but more flexible fiscal rules will be needed for years as monetary policy remains constrained, European Central Bank policymaker Klaas Knot said on Friday. “Now we are in a better position to see a sustainable increase in inflationary pressures,” Knot said in a university lecture. Instead of reverting to old budget rules that could once again overburden the ECB after the pandemic, Knot argued for an overhaul of the Stability and Growth Pact to give governments more flexibility to spend outside crises. “Fiscal flexibility is needed and has to be an integral feature of the framework, rather than an all-or-nothing button which may, or may not, be pressed in an emergency,” Knot added. “We should not be left thinking that this huge stack of public debt that the European Central Bank currently has on its balance sheet will sit there forever,” he added.
Persons: Klaas Knot, Klaas, Eva Plevier, there’s, Organizations: European Central Bank, ECB, New, EU Fund Locations: FRANKFURT, The Hague, Netherlands, Dutch
The pan-European STOXX 600 index rose 0.3% in its sixth straight session of gains and was on course to end the week higher. Miners jumped 1.2%, lifting UK’s commodity-heavy FTSE 100 by 0.6% after data showed Britain’s economic output in April was a record 27.6% larger than a year before. Travel and leisure stocks bounced from the previous session’s drop. Spanish hotel chain Melia rose 0.7% after its chief executive forecast a return to profitability in June after 15 months in the red. Swiss computer peripheral maker Logitech and Germany’s Deutsche Bank fell more than 3% each, becoming the top drags on the STOXX 600.
Persons: “ Price, reinsurer Scor, Covea, Sruthi Shankar, Subhranshu Sahu Organizations: Miners, European Central Bank, ECB, BCA Research, Bank of, Logitech, Germany’s Deutsche Bank Locations: Europe, Swiss, Bengaluru
The pan-European STOXX 600 index rose 0.7% in its sixth straight session of gains and ended the week 1.1% higher, its best weekly performance since early May. Miners jumped 1.9%, lifting UK’s commodity-heavy FTSE 100 by 0.7% after data showed Britain’s economic output in April was a record 27.6% larger than a year before. Travel and leisure stocks bounced from the previous session’s drop. Spanish hotel chain Melia rose 2.0% after its chief executive forecast a return to profitability in June after 15 months in the red. Bank of America’s data showed equity funds saw tiny inflows in the week to Wednesday as investors cut positions in high-growth U.S. stocks while adding some in Europe.
Persons: “ Price, , Michael Hewson, reinsurer Scor, Covea, Sruthi Shankar, Shreyashi Sanyal, Subhranshu Sahu Organizations: Miners, European Central Bank, ECB, BCA Research, British Airways, CMC Markets, London . Bank of Locations: Europe, London ., Bengaluru
REUTERS/Michaela Rehle/File PhotoGerman output is rebounding from its pandemic-induced slump and inflation could rise faster than currently expected, potentially affecting behaviour in the economy, the German central bank said on Friday. It now expects the German economy to reach pre-pandemic levels as soon as next quarter, growing by 3.7% this year, 5.2% next year and 1.7% in 2023. "The German economy is overcoming the pandemic-related crisis," said Bundesbank President Jens Weidmann. The German central bank also raised its forecasts for inflation for this year and the next, warning there were still "upside risks". This would especially be the case if headline price inflation in the near future were to be even higher than estimated here."
Persons: Kaufinger, Michaela Rehle, Jens Weidmann Organizations: REUTERS, ECB, Thomson Locations: Munich, Germany, German
Take Five: Fed-flation in focus
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +4 min
1/ FED-FLATION RUMBLINGSFILE PHOTO: Federal Reserve Board building is pictured in Washington, U.S., March 19, 2019. After years of very low inflation, a range of metrics, including the Fed’s preferred core personal consumption expenditures (PCE) price index, are on the rise. The Fed insists consumer price gains will be temporary and that it has the tools to combat an inflationary surge. Yet, don’t underestimate the significance: The EU is set to become one of the world’s biggest issuers with 80 billion euros worth of bonds for the recovery fund sold this year. -New Zealand manufacturing sales rise in first quarter Graphic: New Zealand economy poised to grow:
Persons: Leah Millis, Alexander Hamilton, Joe Biden, Tayyip Erdogan, Biden, Vladimir Putin, Putin Organizations: Federal Reserve Board, REUTERS, Federal Reserve, PCE, Fed, Treasury, ECB, EU, NATO, Wednesday, hawkish, Bank of New, Kiwi Locations: Washington , U.S, Europe, United States, China, Beijing, Brussels, Syria, Afghanistan, U.S, Ankara, Washington, Geneva, Ukraine, Bank of New Zealand, New Zealand, Zealand
FILE PHOTO: Chairman of the board Paul Achleitner delivers his speech during the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019. Deutsche Bank declined to comment. In particular, they have been concerned by lapses in Deutsche’s money laundering controls - a problem that extends back throughout Achleitner’s tenure. Furthermore, accepting the position at Deutsche Bank would require him to resign from a job that paid him 6 million euros last year - a multiple of Achleitner’s earnings. Graphic - Bumpy ride: Deutsche's share price over the past decade:Regulators have struggled for years to rein in Deutsche Bank following numerous scandals and governance issues.
Persons: Paul Achleitner, Kai Pfaffenbach, Andrea Enria, BaFin, Theodor Weimer, Weimer, Norbert Winkeljohann, Frank Witter, Winkeljohann, Witter, Achleitner, , Vanda Rothacker, Christian Organizations: European Central Bank, Deutsche Bank, REUTERS, ECB, Deutsche, Regulators, Bayer, Union Investment, U.S . Department of Justice, Danske Bank, Reuters Locations: FRANKFURT, Frankfurt, Germany, Russia
London shares gained 0.7%, helped by a 2.3% jump for the mining sector, while Paris climbed 0.8%. The MSCI world equity index, which tracks shares in almost 50 countries, gained 0.1%. “Markets seem to be taking the Fed at its word but when we talk to clients there is concern about long-term inflation.”Euro area bond yields followed suit. “We still think consumers are going to help prices higher, when these economies reopen properly, that people can start travelling again, spending again,” said Jeremy Gatto, investment manager at Unigestion. “We are going to get a further boost from the consumption side, and we therefore expect bond yields to move higher.”The U.S. dollar slipped as yields dipped before edging back up.
Persons: Toby Melville, , Kiran Ganesh, , Jeremy Gatto Organizations: London Stock Exchange Group, City of, REUTERS, London, European Central Bank, Wall, Federal, . Labor Department, Treasury, UBS Global Wealth Management, , Japan, Investors, U.S, Brent Locations: United States, City, City of London, Britain, Paris, Europe, U.S, London, Asia, Pacific, coronavirus, Unigestion, China
Dollar slips as currency traders see inflation spike as temporary
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. Currency markets had been sluggish all week in anticipation of the data, but when it came in above expectations, there was little market reaction. The dollar index edged lower in the Asian session and at 0723 GMT, was down 0.1% on the day at 89.995. In Russia, the central bank is expected to raise its 5% interest rate by as much as 50 basis points - its third rate rise in a row. The central bank targets annual consumer inflation of 4%.
Persons: Dado Ruvic, Treasuries, , Bitcoin Organizations: REUTERS, Federal Reserve, CPI, UBS, European Central Bank, New Zealand, ECB, ING, ” ING, Fed, Seven Locations: Russia, Carbis
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. Currency markets had been sluggish all week in anticipation of the data, but when it came in above expectations, there was little market reaction. The dollar index edged lower in the Asian session but picked up later in the day. The British pound, Canadian dollar, Australian dollar and New Zealand dollar are currencies that may gain against a weaker U.S. dollar, Jones said. ING strategists wrote in a note to clients that the “glut of liquidity” from central banks was driving a search for “carry”.
Persons: Dado Ruvic, Neil Jones, , Jones, bitcoin, Mizuho’s Jones Organizations: REUTERS, Federal Reserve, UBS, European Central Bank, U.S ., ECB, Mizuho, Fed, , New Zealand, ING, ” ING, Seven Locations: cryptocurrencies, Carbis
Dollar looks stronger as euro and sterling dip
  + stars: | 2021-06-11 | by ( Sinéad Carew | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoThe dollar index was last up 0.46% at 90.4790 while the euro was down 0.53% at $1.2112. “ECB policy makers are indicating that inflation rates are way below levels that are needed to put upward pressure on rates,” said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto. The biggest contributor to the move we’ve seen overnight is the (euro) weakness as opposed to idiosyncratic dollar positive forces. Meanwhile investor left riskier currencies such as the Australian dollar was down 0.63% against the U.S. dollar and the New Zealand dollar was off 0.92% at $0.7129.
Persons: Dado Ruvic, Klaas Knot, , Karl Schamotta, ” Sterling, ” Schamotta Organizations: YORK, REUTERS, European Central Bank, ECB, Cambridge Global Payments, Bank, England, , Federal, Committee, U.S ., New Zealand Locations: Europe, Toronto, Britain
Chairman of the board Paul Achleitner delivers his speech during the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019. Deutsche Bank declined to comment. In particular, they have been concerned by lapses in Deutsche's money laundering controls - a problem that extends back throughout Achleitner's tenure. Furthermore, accepting the position at Deutsche Bank would require him to resign from a job that paid him 6 million euros last year - a multiple of Achleitner's earnings. Regulators have struggled for years to rein in Deutsche Bank following numerous scandals and governance issues.
Persons: Paul Achleitner, Kai Pfaffenbach, Achleitner, Andrea Enria, BaFin, Theodor Weimer, Weimer, Norbert Winkeljohann, Frank Witter, Winkeljohann, Witter, Vanda Rothacker, Christian Organizations: Deutsche Bank, REUTERS, Central Bank, ECB, Deutsche, Regulators, Bayer, Union Investment, U.S . Department of Justice, Danske Bank, Reuters, Thomson Locations: Frankfurt, Germany, Russia
After touching in early London trading its lowest level in one month at $1.4074, sterling rose 0.3% to $1.4155 versus the dollar at 1445 GMT. Versus the euro, the pound was 0.3% higher at 86.00 pence, after it touched a 10-day low of 86.42 pence against the single currency. The optimism in overall global growth typically encourages investors to bet on risky assets like sterling. Some analysts also suggested both the Federal Reserve and the ECB are not seen tightening their policy soon. The UK and EU exchanged threats on Wednesday in a standoff that could cloud a weekend international summit hosted by Britain.
Persons: Sterling, , Simon Harvey, Stuart Cole, ” Sterling, Maros Sefcovic, Jeremy Stretch, Joice Alves, Toby Chopra, Mark Heinrich Organizations: European Central Bank, ECB, FX, Monex, Federal Reserve, U.S, CPI, Equiti, European Union, Britain, European, CIBC Capital Markets Locations: London, lockdowns, U.S, Britain, Northern Ireland, EU
ECB maintains elevated pace of bond purchases
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. “The Governing Council expects net purchases under the PEPP over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year,” the ECB said in a statement. The ECB has bought around 80 billion euros worth of debt per month under its Pandemic Emergency Purchase Programme this quarter, up from levels early this year but below their peak at the start of the crisis. Maintaining its long-standing guidance, the ECB said that its 1.85 trillion Pandemic Emergency Purchase Programme (PEPP) would last until March 2022 and it reserved the right to buy less than this quota or increase it as needed to “maintain favourable financing conditions”. Attention now turns to ECB chief Christine Lagarde’s 1230 GMT news conference, during which she will also unveil fresh economic projections.
Persons: Ralph Orlowski FRANKFURT, Christine Lagarde’s Organizations: European Central Bank, REUTERS, ECB Locations: Frankfurt, Germany
PRECIOUS-Gold eases ahead of ECB decision, U.S. inflation data
  + stars: | 2021-06-10 | by ( Eileen Soreng | ) www.reuters.com sentiment -1.00   time to read: +2 min
Spot gold fell 0.4% to $1,880.17 per ounce by 0949 GMT, having earlier hit its lowest level since June 4 at $1,875.89. However, upside gains may be capped by an appreciating dollar if inflation fears send U.S. Treasury yields climbing,” said Lukman Otunuga, senior research analyst at FXTM. Higher yields threaten gold’s appeal as an inflation hedge as they raise the opportunity cost of holding non interest-bearing bullion. U.S. weekly jobless claims data, also due on Thursday, will give further cues on labour market recovery in the world’s biggest economy. Elsewhere, silver fell 0.3% to $27.67 per ounce, palladium dropped 0.4% to $2,767.06, while platinum slipped 0.9%, to $1,139.76.
Persons: , Lukman Otunuga, Ole Hansen, Eileen Soreng, Alexander Smith Organizations: Federal, European Central Bank, Treasury, FXTM, Reuters, Fed, Saxo Bank . U.S Locations: Bengaluru
June 10 (Reuters) - Emerging market shares rose for the first time in seven sessions on Thursday with heavyweight China shares rallying on high-level Sino-U.S. talks, while currencies rose ahead of U.S. inflation data and the European Central Bank’s policy decision. Mainland China shares rose around half a percent after talks between respective commerce officials when they agreed to promote healthy trade and cooperate over differences that have roiled markets and dented global economic growth. Any change to easy monetary policy by major central banks could see a flight from high-yielding assets of emerging markets. As inflation picks up in emerging markets, many domestcic central banks have had to raise interest rates. For GRAPHIC on emerging market FX performance in 2021, see tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see tmsnrt.rs/2OusNdXFor TOP NEWS across emerging marketsFor CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see (Reporting by Susan Mathew in Bengaluru; Editing by Angus MacSwan)
Persons: Susan Mathew, Angus MacSwan Organizations: China, ECB, U.S, U.S . Federal, ” ING, Institute of International Finance, CENTRAL Locations: China, Africa, Turkey, U.S ., Russian, Peru, Bengaluru
ECB Set to Fall Behind Fed in Phasing Out Stimulus
  + stars: | 2021-06-10 | by ( Tom Fairless | ) www.wsj.com sentiment -0.99   time to read: +1 min
FRANKFURT—The European Central Bank said it would keep its aggressive monetary stimulus in place despite mounting evidence of a vigorous economic recovery and rising inflation in the eurozone as the Covid-19 pandemic recedes. The ECB’s move suggests it will lag behind the Federal Reserve in phasing out the extraordinary stimulus policies it rolled out last year. ECB President Christine Lagarde faces a tricky task at Thursday’s news conference, starting at 8:30 a.m. ET, to explain why the eurozone still needs such aggressive monetary stimulus when economic activity is accelerating and its inflation rate has risen above the ECB’s target of just below 2%. She is expected to stress Europe’s incomplete path to economic recovery, even as she unveils more upbeat forecasts for eurozone growth and inflation.
Persons: Christine Lagarde Organizations: FRANKFURT, European Central Bank, Federal Reserve, ECB Locations: U.S
Auto, travel firms weigh on European shares ahead of ECB meeting
  + stars: | 2021-06-10 | by ( Sruthi Shankar | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -European stocks slipped on Thursday as automakers and travel stocks fell after a recent run of gains, while investors counted on the European Central Bank to maintain an accommodative policy stance at a meeting later in the day. Automakers fell for the third straight day, while travel and leisure stocks dropped 1.1% following recent gains for the sectors on optimism about economic re-openings. Euro zone stocks fell 0.2% ahead of the ECB’s policy decision and its projections for euro zone economic growth and inflation. The meeting comes as recent data from across the globe point to building inflationary pressures, particularly in commodities, as economies recover from long COVID-19 lockdowns. Euro zone inflation last month exceeded the central bank’s target of just under 2%, a mark it has undershot for most of the last decade.
Persons: Christine Lagarde’s, pare Organizations: Reuters, European Central Bank, REUTERS, Staff, Volkswagen, RBC Capital Markets, BT Group, Altice, Spotify, Apple Music Locations: Frankfurt, Germany
(Reuters) -European stocks inched to fresh peaks on Thursday as the European Central Bank raised its recovery outlook and promised to keep ample stimulus flowing, while travel stocks fell after a recent run of gains. REUTERS/StaffThe pan-European STOXX 600 index was up just 0.1%, but at a fresh record high of 455.76 points, while the narrower index of euro zone stocks fell 0.1%. The central bank now sees 2021 euro zone economic growth at 4.6%, above the 4% projected in March. “The ECB’s main mission today was to avoid any taper talk and not harm the still tentative economic recovery or allow bond yields to surge prematurely,” said Carsten Brzeski, global head of macro at ING. “It accomplished its mission: the ECB seems to have bought some time without starting the taper talk.”Interest rate-sensitive banking stocks rose 0.4%, while tech stocks rose 0.9%.
Persons: Christine Lagarde, , Carsten Brzeski, pare Organizations: Reuters, European Central Bank, REUTERS, Staff, ECB, ING, Federal Reserve, Volkswagen, BT Group, Altice, Spotify, Apple Music Locations: Frankfurt, Germany
Auto, oil firms weigh on European shares ahead of ECB
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)June 10 (Reuters) - European stocks inched lower on Thursday as energy and automakers’ shares slipped, with investors focused on a European Central Bank meeting later in the day. The pan-European STOXX 600 index slipped 0.1% by 0713 GMT, snapping a four-day winning streak. Automakers slid nearly 1%, while oil and gas sector shed 0.9%. Euro zone stocks fell 0.2%, ahead of the ECB policy decision and its projections for economic growth and inflation. French digital music company Believe, which helps to distribute music via deals with platforms such as Spotify and Apple Music, dropped 10.2% in its stock market debut.
Persons: Sruthi Shankar, Sriraj Kalluvila Organizations: , European Central Bank, BT Group, U.S, Altice, Spotify, Apple Music Locations: Bengaluru
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