Egyptian pound down in Thursday morning trade    Egypt's PM: Alternatives to old rent law to be ready soon    Environment ministry signs agreement to strengthen marine protection, promote ecotourism    Egypt, WHO discuss expanding health cooperation, development initiatives    Egypt, Sierra Leone discuss expanding cooperation in transport, infrastructure    Gaza under siege, fire: Resistance intensifies amid deepening humanitarian collapse    Chinese Premier Li Qiang arrives in Egypt for high-level talks    Service restoration underway after Cairo telecom fire, minister tells PM    EGX closed mostly higher on July 9    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    UK, Egypt strengthen cooperation on green transition, eco-tourism, and environmental investments    Escalation in Gaza as ceasefire talks remain fragile amid mounting humanitarian crisis    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt's FM, China's Wang discuss Iran-Israel escalation    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Virus fears drag down European stocks ahead of ECB policy decision
Published in Ahram Online on 23 - 01 - 2020

European shares fell on Thursday, hit by worries over the spread of a new flu-like virus in China, with investors also bracing for the European Central Bank's first policy decision of the year.
The pan-European STOXX 600 index dropped 0.3% and is headed for its steepest weekly decline in three months, with China-exposed mining stocks as well as those of airlines, hotels and luxury goods makers posting steep losses.
China is putting on lockdown a city of 11 million people considered the epicentre of a new coronavirus outbreak that has killed 17 and infected nearly 600.
Investors will also keep a close watch on the ECB's launch of a broad review of its policy under chief Christine Lagarde that is likely to see her redefine the central bank's main goal and how to achieve it.
The ECB is expected to keep its monetary policy unchanged when it announces its decision at 1245 GMT, which will be followed by Lagarde's news conference at 1330 GMT.
"Lagarde is expected to put in place a two-part approach - one focusing on tools available to policymakers to achieve their inflation goal ... the other on financial stability and communication," Swissquote Bank senior analyst Ipek Ozkardeskaya said.
"The ECB under Lagarde could question the benefit and sustainability of negative rates and massive bond purchases," Ozkardeskaya said.
Auto stocks hit fresh three-month lows after U.S. President Donald Trump threatened to impose high tariffs on imports of cars from the European Union if the bloc doesn't agree to a trade deal.
Leading gains on the STOXX 600 were shares of Danish enzymes maker Novozymes after it topped estimates for quarterly operating profit, and Apple-supplier STMicroelectronics after it posted quarterly sales and gross margin above the mid-point of its forecast.
Italy's FTMIB rose 0.5% and was an exception among regional bourses as the country's economy minister, Roberto Gualtieri, said the ruling coalition was committed to maintaining government stability despite the resignation of Luigi Di Maio as head of the co-governing 5 Star Movement.


Clic here to read the story from its source.