European markets opened with mixed results on Thursday ahead of the European Central Bank’s comments expected later in the trading session. Mario Draghi, president of the ECB, discussed potential moves to help bolster the economy
The EURO STOXX 50 started the session slightly higher than 0.03% before falling quickly down to 1.74% on the day. France’s largest market, the CAC 40 fell 1.94% on the day. German markets also suffered, with the DAX 30 falling 1.17% on the day.
Draghi commented that the ECB will be investigating further policy easing in December. Comments made today suggest that the euro zone will take longer to recover. Sustained normalization in regards to inflation is a major concern and will take longer.
Markets all across Europe fell following the comments. Lenders in numerous countries had their stocks fall on the news of inflation taking longer to stabilize. BNP Paribas (BNPP) out of France had its stock fall 1.43% on the news. Germany’s Deutsche Bank (DBKGn) declined by 1.94% to end the day. Italy’s Intesa Sanpaolo (ISP) declined .66%, while fellow lender Unicredit (CRDI) suffered a staggering loss of 5.45%.
Spain’s biggest lenders, including BBVA (BBVA), suffered a 3.56% loss on Thursday.
Even Burberry Group Plc (BRBY), a top performer yesterday, had its stock dropped 1.42% following news that the company beat analyst expectations yesterday.