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European shares inch lower ahead of ECB meeting, carmakers drag

Published 06/04/2020, 03:21 PM
Updated 06/04/2020, 03:30 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 4 (Reuters) - A European stock market rally paused on
Thursday, with investors focussing on a European Central Bank
meeting where policymakers are expected to provide more aid for
the battered euro zone economy.
The pan-European STOXX 600 index .STOXX slipped 0.5% by
0708 GMT, but held near its early March highs, while eurozone
stocks .STOXXE were down 0.6%.
Automakers .SXAP and banks .SX7P led the declines,
falling 2.5% and 1.8%, respectively.
Equity markets have bounced strongly this week, with Wall
Street's tech-heavy Nasdaq .IXIC nearing record levels as
signs of recovery from a coronavirus-forced recession, optimism
over a COVID-19 vaccine and hopes of more stimulus boosted risk
appetite.
Investors expect the ECB to upsize bond purchases by 500
billion euros ($560.25 billion), but the only question is
whether it will act on Thursday or hold out until July as a deal
on European Union-wide fiscal support strengthens the case for
patience. Meanwhile, Germany's coalition parties agreed a
130-billion-euros stimulus package to speed up a recovery from
the coronavirus on Wednesday, but shares in Daimler DAIGn.DE ,
BMW BMWG.DE and Volkswagen VOWG_p.DE slid between 2.6% and
4.5% as the packaged favoured electric cars. French spirits company Remy Cointreau RCOP.PA jumped 6.9%
after it predicted a strong recovery in the second half, driven
by China and the United States. = 0.8925 euros)

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