U.K. stocks erased losses on Thursday, defying a broader selloff in Europe, after the Bank of England kept rates unchanged. Read more.
The Stoxx 600 index slid 1% as of 12:12 p.m. in Paris, with travel and leisure stocks underperforming the most, while miners and industrial stocks also fell. In London, the UK’s FTSE 100 benchmark sprung back to positive territory in the aftermath of the BOE’s decision to not go forward with a 15th consecutive rate hike.
UK stocks had surged on Wednesday, when data showed Britain’s inflation rate fell unexpectedly, easing pressure on the BoE. Investors had fully priced in one more quarter-point increase this year in the 5.25% base rate.The Swiss Market Index also outperformed after the Swiss National Bank defied expectations of another interest-rate hike to avoid further constricting a stalling economy.
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