European stock markets closed in the red territory on Thursday as market participants process the latest interest rate decisions taken by the European Central Bank and the Bank of England.

Following the European Bank's announcement to increase rates by 50 basis points, Christine Lagarde expressed her determination to continue fighting inflation. Meanwhile, the Bank of England also favored a rate hike of 50 basis points.

At the close, the DAX lost 473 points or 3.28%, with Zalando SE down by 7.57%. The CAC 40 fell by 3.09%, while Worldline SA decreased by 6.77%. The FTSE 100 declined by 0.93%, as Samsung Electronics dropped by 5.07%.

The euro was down by 0.34% against the dollar at 5:28 pm CET, selling for $1.06426. In comparison, the pound decreased by 1.66% to go for $1.22151 at the same time.