European stocks rallied on Thursday as markets tracked positive global sentiment, with British, Swiss and Norwegian stocks in focus following decisions by their respective central banks.
The pan-European STOXX 600 index closed 0.9% higher, hitting a one-week high this week, led by gains of 1.8% in technology stocks and 1.7% in real estate.
ASM International (ASMI), up 5.3%, supported the tech index after Morgan Stanley raised the semiconductor equipment maker’s recommendation from “equal weight” to “overweight.”
Global sentiment was positive after U.S. stocks extended their gains on support from chipmaker Nvidia and as investors scrutinized interest rate decisions from three central banks in Europe.
Switzerland’s benchmark index gained nearly 0.6% after the Swiss National Bank cut interest rates by 25 basis points to 1.25%, maintaining its leading position in the policy easing cycle global monetary system.
“The surprise interest rate cut, the second since March, was justified by a decline in inflation. However, this measure was designed to impact the foreign exchange market,” said Kathleen Brooks, research director at XTB.
“The risk is that a strong currency causes deflation and will weigh on exports.”
Norway’s central bank, on the other hand, decided to keep its benchmark interest rate at 4.50%, the highest in 16 years, and said a cut is expected in 2025. Norwegian stocks rose by 0.4%.
Britain’s FTSE 100 index rose 0.8% after the Bank of England held its interest rate, but the prospect of a future cut moved closer as some officials said its thinking is now ” finely balanced”.
IN LONDON the Financial Times index advanced by 0.82%, to 8,272.46 points.
IN FRANKFURT the DAX index rose by 1.03%, to 18,254.18 points.
IN PARIS, the CAC-40 index gained 1.34%, to 7,671.34 points.
IN MILAN the Ftse/Mib index grew by 1.37%, to 33,675.15 points.
In MADRID, the Ibex-35 index recorded an increase of 0.94%, to 11,160.50 points.
In LISBON, the PSI20 index increased by 1.67%, to 6,650.92 points.
Source: Terra

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