Europe stocks open lower after BOE rate hold, Swiss cut; UK retail sales beat forecast

Jack Taylor | Getty Images News | Getty Imagesindex was down 0.3% in early deals, though sector movements were muted. Retail and technology stocks led losses, both down 0.5%.announced

it would cut interest rates by 0.25 percentage points to 1.25%. The SNB became the first major central bank to cut rates during this cycle back in March.at a 16-year high of 5.25%. Economists largely detected a dovish undertone to policymakers' latest messaging, as they described a "finely balanced" decision not to cut, though by Friday money market bets on an August rate cut had fallen back down to around 40%.

"After a slow start to the year, retailers can take comfort in retail sales recovering just in time for summer — a time when major sporting events, from the EUROs to the Olympics, will also likely improve the trading environment," Deann Evans, EMEA managing director at Shopify, said., which held steady for a third straight month, and German and British flash purchasing managers' index figures across manufacturing and services.

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