European Markets Respond to ECB Rate Cut

Following the European Central Bank's decision to reduce its three key interest rates by another 25 basis points, major European stock markets mostly closed higher on Thursday. This move by the ECB has sparked a positive reaction across the continent's financial markets.

UK Construction Sector Faces Challenges

In contrast to the overall positive trend, the United Kingdom reported a significant drop in construction activity. This downturn highlights the challenges faced by the UK's construction sector amidst ongoing economic uncertainties.

Market Performances

The DAX index in Germany saw a notable increase, surging by 1.17% or 269 points, with Deutsche Post AG leading the charge with a 14.19% jump. France's CAC 40 also experienced growth, increasing by 0.63%, thanks in part to Teleperformance SE's 7.18% rise. The Euro Stoxx 50 wasn't left behind, growing by 0.82%. However, not all was positive as the UK's FTSE 100 decreased by 0.75%, with Melrose Industries PLC taking a significant hit, plunging by 17.06%.

Currency Movements

On the currency front, the euro appreciated by 0.28% against the dollar, selling for $1.08229 at 5:29 pm CET. Meanwhile, the pound sterling remained stable against the US dollar, trading at $1.29084.