European shares up as BoE cuts interest rate

European stocks rose on Thursday after the Bank of England (BoE) announced an interest rate cut.

By 7:07 ET (11:07 GMT), the pan-European STOXX 600 rose 0.72 per cent, with strong rebounds in automakers and miners, though healthcare and telecom stocks lagged.

The index had fallen 0.5 per cent on Wednesday amid market concerns tied to tariff risks following Donald Trump’s election win.

Germany’s DAX surged 1.27 per cent after Chancellor Olaf Scholz called for a snap election due to economic policy disputes within his coalition, while data showed a larger-than-expected dip in Germany’s industrial production in September.

France’s CAC 40 rose 0.57 per cent, Switzerland’s SMI climbed 1.15 per cent, and Spain’s IBEX 35 advanced 0.63 per cent. The UK’s FTSE 100 slipped 0.14 per cent.

Oil prices also dropped, with Brent down 0.8 per cent to $74.36 per barrel and US WTI futures down 1 per cent to $71.00, as traders weighed Trump’s victory and hopes for further stimulus from China amid rising US crude inventories.

Attribution: Investing.com, Amwal Al Ghad English, Bloomberg

Subediting: Y.Yasser