European Markets React to ECB's Rate Cut

European stock markets experienced a downturn in premarket trading this Friday, as investors braced for a day filled with significant economic data releases. Among the highlights, Germany is set to reveal its factory orders for January, while France will disclose its trade balance. Additionally, the Eurozone's unemployment figures and gross domestic product data are eagerly awaited.

The DAX index led the decline, dropping 1.17% or 276 points by 8:01 am CET. Similarly, the Euro Stoxx 50, CAC 40, and FTSE 100 also saw decreases of 0.70%, 0.35%, and 0.50% respectively.

Currency Movements

In the currency markets, the euro gained 0.36% against the dollar, trading at 1.08250 by 7:59 am CET. Meanwhile, the pound remained stable against the dollar, exchanging at 1.28983.