Stocks in the European market opened lower on Thursday as investors focus on the upcoming European Central Bank decision. European shares have been in the red territory for four straight days.
The pan-European Euro Stoxx 50 edged 0.37% lower at 2,983.50, while the German DAX declined 0.31% to 9,105.30. At the same time, the UK benchmark FTSE 100 dropped 0.28% lower to 6,491.50 and the French CAC 40 opened 0.28% lower at 4,136.00.
Stocks – ECB
The European Central Banks (ECB) is expected to announce its benchmark interest rates at 12:45pm GMT, with predictions of borrowing costs to remain at its current rate of 0.25%, according to analysts.
The ECB rate decision will be followed by a press conference, which will start by 1:30pm GMT.
Stocks – Market data
According to reports from the National Institute of Statistics and Economic Studies (INSEE), the unemployment rate in France remained unchanged at 10.9% in the third quarter this year.
Meanwhile in Spain, the industrial output dropped 0.7%, compared with forecasts of a slight fall of 0.1%. The government of Spain will hold an auction of bonds maturing in 2017 & 2018 on Thursday morning, with an aim to raise an estimated €3.5 billion.
The Competition Commissioner for the European Union (EU) Joaquin Almunia will be giving a speech on the EU competition law and other EU plans at the Institute of the International and European Affairs in Dubai at 12:15pm GMT later today.
Stocks – US jobs data
The ADP employment report showed a 215,000 rise in November, advancing from the previously recorded 184,000 rise seen in October.
The US Department of Labour is expected to post its initial jobless claims data by 1:30pm GMT, with forecast of an increase to 321,000 people, a slight rise from 316,000 registered in the week before.
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