European markets moved higher Thursday as investors digested the latest monetary policy decision from the European Central Bank.
The pan-European Stoxx 600 was up 0.1% in afternoon trade following the decision, with sectors trading in mixed territory. Tech stocks were up 1% while autos were down 1%.
The central bank met market expectations Thursday and held interest rates steady at their current record high. The euro zone deposit rate was kept at 4% for the third straight meeting and the ECB reiterated that it would keep rates high for a “sufficiently long duration” to bring inflation to target.
Markets have priced in around a 60% probability of the first rate cut taking place in April, according to a Reuters analysis of LSEG data.
European markets traded higher Wednesday after euro zone composite services and manufacturing purchasing managers’ index data indicated an uptick in business activity in the single currency area, giving investors a boost ahead of the ECB’s meeting. Meanwhile, U.K. PMI figures rose in January to their highest level in seven months.
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