Virus concerns weigh on European stocks ahead of ECB policy decision
Reuters
Published Jan 23, 2020 03:35AM ET
Updated Jan 23, 2020 03:46AM ET
(Reuters) - European shares fell in early trading on Thursday, hit by worries over the spread of a new flu-like virus in China, with investors also bracing for the European Central Bank's first policy decision of the year.
The pan-European STOXX 600 (STOXX) index dropped 0.4% at 0806 GMT as the energy subsector (SXEP) slipped 0.8%, tracking a slide in oil prices on concerns that the virus outbreak may dent fuel demand.
Auto stocks (SXAP) hit fresh three-month lows after U.S. President Donald Trump threatened to impose high tariffs on imports of cars from the European Union if the bloc doesn't agree to a trade deal.
While the ECB is expected to leave its monetary policy on hold, the bank's president, Christine Lagarde, is set to launch a broad review of policy that is likely to see her redefine the central bank's main goal and how to achieve it.
Among individual stocks, Apple-supplier STMicroelectronics (PA:STM) gained 4.6% and was the top performer on the benchmark index, after the chipmaker reported fourth-quarter sales and gross margin above the mid-point of its forecast.
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Written By: Reuters
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