economy
Norway's central bank raises interest rates to curb inflation; European stocks end lower
The pan-European Stoxx 600 index ended Thursday's session in the red, reversing morning gains.
TL;DR
- European stocks closed lower, reversing earlier gains, with major bourses in London, Paris, Frankfurt, and Milan finishing in the red.
- Norway's central bank increased interest rates by 25 basis points to 4.25% to combat persistent high inflation.
- Shell reported a stronger-than-expected first-quarter profit of $6.92 billion but trimmed its share buyback program.
- Maersk reported first-quarter earnings before interest, tax, depreciation, and amortization (EBITDA) of $1.75 billion, a 35% decline year-on-year.
- Investor sentiment was affected by uncertainty over a potential US-Iran agreement and a recent Israeli strike on Beirut.
- UK local elections are underway, considered a gauge of public opinion ahead of the July 2024 general election.