European stocks turn lower as ECB declines to add stimulus early

European stocks slipped on Thursday as the European Central Bank didn’t bring forward stimulus even after Germany and France announced lockdown plans.The German DAX DAX, -0.14%, French CAC 40 PX1, -0.60% and U.K. FTSE 100 UKX, -0.16% each turned mildly lower.

France and Germany on Wednesday separately announced new one-month lockdowns to fight the second wave of the COVID-19 pandemic. Economists at Berenberg say the French economy could contract as much as 4% in the fourth quarter, and the German economy could shrink by 1%. “The new round of Eurosystem staff macroeconomic projections in December will allow a thorough reassessment of the economic outlook and the balance of risks. On the basis of this updated assessment, the Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favourable to support the economic recovery and counteract the negative impact of the pandemic on the projected inflation path,” said the ECB.

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