Europe: ECB upset knocks European stocks

[MILAN/LONDON] European shares fell from five-month highs on Thursday after the European Central Bank changed its interest rate guidance and announced a new round of cheap bank loans sooner than expected, though with tougher terms than previous rounds.

"We didn't think they would go full out to announce TLTROs this time; that change in tone seems to worry the markets a little bit," said Donough Kilmurray, head of the investment strategy group for private wealth management at Goldman Sachs.

To be launched in September and end in March 2021, the loans would have a shorter maturity than previously and the rate will be variable and linked to the ECB's main refinancing rate. Banks aside, other cyclical sectors also sank. The export-oriented autos sector fell 2.3 per cent, extending a slide on worries over the sector's prospects amid slowing Chinese growth.

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