European stock markets close lower before ECB meeting

London’s FTSE 100, Italy’s FTSE MIB retreat from record highs

All major indices in Europe closed Wednesday in negative territory, one day before a European Central Bank’s (ECB) meeting.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was flat, falling less than 2 points, or 0.36%, to close at 474.04.

London’s FTSE 100 was down 24 points, or 0.33%, to close at 7,253, pulling back from its record high of 7,281.17 on Tuesday.

Germany’s DAX 30 decreased 51 points, or 0.33%, to 15,705. France’s CAC 40 lost 13 points, or 0.19%, to 6,753.

Italy’s FTSE MIB 30 was the worst performer of the day plummeting 164 points, or 0.61%, to end the day at 26,806, after hitting an all-time high of 27,049.32 points during the previous session.

​​​​​​​Spain’s IBEX 35 was down 29 points, or 0.33%, to close at 8,972.

At Thursday’s ECB meeting, the central bank is not expected to increase interest rates, however, President Christine Lagarde’s notes on high inflation and rising energy and food prices will be closely watched.

Any change in the bank’s €1.85 trillion ($2.14 trillion) Pandemic Emergency Purchase Program (PEPP) is likely to be delayed until December to continue providing liquidity to the markets and support European economies.


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