3/24, 9:01 AM (Source: TeleTrader)
more TeleTrader news

Europe opens lower amid interest rate decisions, banking turmoil

Major European markets opened in the red territory Friday as world central banks confirm their latest interest rates and amid the publication of new economic data. Before the opening, UK's Office for National Statistics (ONS) said retail sales volumes rose 1.2% in February.

On the other side, yesterday, the Bank of England decided to hike its base rate by 25 bps to 4.25%, while the Swiss National Bank leaned towards a larger increase, half a percentage point to 1.50%. Despite policymakers' assessment that the system is stable, European banks also posted negative results yesterday.

At 9:01 am CET, the French benchmark CAC 40 fell 0.51%, while Eurofins Scientific decreased by 2.36%. The FTSE 100 declined by 0.45%, as Barclays dropped by 1.83%. One minute later, the pan-European Euro Stoxx 50 decreased by 0.65%, and Volkswagen VZO was leading the flops, declining by 1.72%. The German DAX lost 0.52% at 9:04 am CET, with Deutsche Bank AG being the worst performer at the open, down 4.78%.

The euro was flat against the dollar at 8:58 am CET, selling for $1.08284. In comparison, the pound was down by 0.09% to go for $1.22749 simultaneously.

Baha Breaking News (BBN) / JG