European stock markets experienced an upward trend in trading on Thursday, as the Stoxx Europe increased by 0.71%, while Germany’s DAX saw a notable rise of 1.72%. France's CAC climbed 0.76%, with the Swiss Market Index up 0.59%. Meanwhile, the FTSE in London fell by 0.32%. The Bank of England's Monetary Policy Committee voted 8-1 to decrease the bank rate by 25 basis points to 4.75%.
One member advocated for maintaining the interest rate at 5%. The central bank commented, 'There has been continued progress in disinflation, particularly as previous external shocks have abated, although remaining domestic inflationary pressures are resolving more slowly.' In another development, UK house prices rose 0.2% in October, marking the fourth consecutive monthly increase.
Year-over-year, prices have increased by 3.9%, down from a 4.6% annual rise in September. Eurostat’s initial estimates reveal that the seasonally adjusted retail trade volume in the euro area grew by 0.5% and by 0.3% in the EU for September compared to August. Adjusted for the calendar, the retail sales index surged by 2.9% in the euro area and 2.8% in the EU versus the previous year.
In Germany, data from the Federal Statistical Office indicates that price-adjusted production in the manufacturing sector fell 2.5% in September compared to August, and was down 4.6% year-over-year. In corporate news, the proposed acquisition by Banco Bilbao Vizcaya Argentaria of Banco Sabadell is poised to undergo an extended review by Spain's competition authority, as reported by Bloomberg, drawing insights from insiders.
Neither BBVA nor Banco Sabadell responded promptly to MT Newswires’ requests for comments. On the DAX, shares of German technology firm Rheinmetall soared over 9% after announcing record third-quarter sales and earnings. Meanwhile, Stellantis and Infineon Technologies announced a partnership to develop power architecture aimed at supporting the electric vehicles of the European automaker.
Mining stocks also enjoyed a positive day as Antofagasta and Anglo American experienced increases of 4.9% and 4.1%, respectively, on the FTSE, with Glencore and Rio Tinto following with gains of 3.9% and 3.3%. Lastly, ArcelorMittal saw a significant rise of 6.9% in Paris..