European Shares Gain Ahead Of BOE Rate Decision

European stocks were seeing modest gains on Thursday as investors reacted to U.S. and Chinese inflation data and awaited the Bank of England’s interest-rate decision later in the day.

The central bank is set to raise the benchmark interest rate by 25 basis points to 4.50 percent. The announcement is due at 7.00 am ET.

The bank will also publish its quarterly monetary policy report that highlights the economic outlook and inflation projections.

The pan European STOXX 600 was up 0.4 percent at 465.42 after two consecutive sessions of losses.

The German DAX edged up 0.1 percent, France’s CAC 40 climbed 0.6 percent and the U.K.’s FTSE 100 was up 0.2 percent.

Dutch bank ING Groep rallied 3.7 percent after reporting better-than-expected first-quarter earnings and launching a new share buyback program.

Spanish telecom firm Telefonica lost 3.3 percent after reporting a 58 percent fall in Q1 net profit on higher debt costs.

Miners fell on China demand worries after the country reported weak inflation data, reflecting sluggish domestic demand. Anglo American, Antofagasta and Glencore dropped 1-2 percent.

Vodafone fell over 1 percent after expanding a strategic relationship with Emirates Telecommunications.

Rolls Royce Holdings tumbled 3.3 percent. The engine maker said it is performing in line with expectations and remains on track to meet 2023 forecasts under new CEO.

Broadcasting giant ITV slumped 4.7 percent after revenues dipped in the first quarter of 2023.

French energy company Engie SA gained more than 1 percent after reporting a rise in first-quarter earnings.

Bayer plummeted 6.1 percent. The German drug and pesticide maker said its 2023 results would likely come in at the lower end of its target range.

Telecommunications giant Deutsche Telekom added 1.2 percent after slightly raising its 2023 profit outlook.

Conglomerate Thyssenkrupp fell over 3 percent after it swung to a net loss in the second quarter and reported a decline in orders.

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