Europe closes in red as ECB keeps interest rates

Thursday, 10. September 2020 17:33

Major European stocks ended the day in the red after the European Central Bank kept key interest rates unchanged in its newest review. ECB's president Christine Lagarde expressed optimism over the economic recovery in the Eurozone in the third fiscal quarter. Lagarde explained the ECB isn't targeting the exchange rate, as its mandate is price stability and has the intention to monitor the euro's gains and its negative pressure on prices "carefully."

Brexit remained in the focus, as European Commissioner Maros Sefcovic insisted the British government has to withdraw measures introduced in the Internal Market Bill draft by the end of September. At the same time, the Westminster insisted the bill can be legally passed in the parliament due to the UK being a sovereign country.

The DAX lost 0.13% at the closing bell with Muench. Rueckvers. VNA ON leading the losses at 2.37%. At the same time, the FTSE 100 fell by 0.16%. as the CAC 40 was down by 0.38% with Wm Morrison Supermarkets plc. sinking 4.62% for both indexes. The euro advanced by 0.63% compared to the dollar, selling for $1.18777 at 5:37 pm CET, while the pound sterling decreased by 0.14% versus the greenback, to change hands at $1.28566 at the same time.

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