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Europe: Stocks hit by firm euro as Draghi shoos away hopeful doves

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[BENGALURU] Euro zone shares underperformed their broader European peers on Thursday, hit by a stronger euro after the European Central Bank matched investors' expectations in keeping rates untouched but refrained from providing as dovish an outlook as hoped. Read more at The Business Times.

[BENGALURU] Euro zone shares underperformed their broader European peers on Thursday, hit by a stronger euro after the European Central Bank matched investors' expectations in keeping rates untouched but refrained from providing as dovish an outlook as hoped.

Thursday's performance trims the degree to which euro zone stocks have relatively outperformed the European benchmark in the quarter to date."It would have been very, very difficult for the ECB to out-dove the market and push yields even lower," said Andrea Iannelli, investment director at Fidelity."More importantly he did say rates are not going anywhere until 2020, potentially even longer… that doesn't really help banks.

Milan-traded equities edged up, although Italian lenders reversed early gains to slide 1.2 per cent with UniCredit falling 1.1 per cent, while Banco BPM dropped 2 per cent.

 

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