European Stocks Edge Up Before BOE Decision and French Bond Sale

European equities posted modest gains as investors awaited monetary policy decisions in the region including, from the Bank of England, and the results of a bond auction in France.

Bloomberg
First Published20 Jun 2024, 11:21 PM IST
European Stocks Edge Up Before BOE Decision and French Bond Sale
European Stocks Edge Up Before BOE Decision and French Bond Sale

European equities posted modest gains as investors awaited monetary policy decisions in the region including, from the Bank of England, and the results of a bond auction in France.

The Stoxx 600 Index was 0.3% higher by 8:08 a.m. in London, with the technology, insurance and real estate sectors leading the gains. Evotec SE rallied 11% following a report that the German drug developer is speaking to defense advisers after a decline in its share price prompted fears about the company’s vulnerability to a takeover.

Sentiment remains fragile after the calling of a snap French election on June 9 unleashed turmoil through markets. The rally in the main regional index has stalled this month and it is now about 7.6% higher since the start of the year. In the face of recent events, investors are switching exposure more toward laggard stocks and defensive plays.

The BOE will announce its decision at 12 p.m. with investors and analysts expecting the central bank to leave the benchmark rate unchanged at a 16-year high of 5.25%. Before the UK, the Swiss National Bank and Norges Bank will unveil their latest rate decisions.

In France, the Treasury aims to raise up to €10.5 billion through auctions of three- to eight-year bonds in the first sale since President Emmanuel Macron called a snap vote. 

Market trading may be quieter than usual as traders ready for a quarterly event on Friday where index futures, equity index options and stocks options all expire in a process known as triple witching.

“Low volumes accompany the days before Friday’s expiry,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM. “The markets can calm down somewhat from the recent uncertainties, but global and monetary policy issues will determine the period ahead.” 

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With assistance from Michael Msika.

This article was generated from an automated news agency feed without modifications to text.

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First Published:20 Jun 2024, 11:21 PM IST
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