More cuts on the way while Bundesbank warns region’s largest economy will barely grow next year
European Central Bank policymakers said more interest-rate reductions are on the way. Data published on Friday showed euro-zone industrial-production flatlined in October – a bad omen for the final quarter of 2024. There were also gloomy projections from the Bundesbank, which reckons the region’s biggest economy will hardly grow in 2025.
Britain’s economy shrank for a second month in a row in October in the run-up to the government’s first budget – the first back-to-back declines in output since the onset of the Covid-19 pandemic in early 2020. UK beverage stocks led the sectoral gains, rising 2.1 per cent, as spirit maker Diageo extended its rise from the previous session and added 2.3 per cent.
Healthcare stocks were among top sectoral decliners, with Novo Nordisk’s 3.9 per cent drop, weighing the most on Stoxx 600. On the flip side, insurers rose 1.2 per cent and led sectoral gains as Munich Re climbed 5.5 per cent after saying that it is targeting €6 billion in net profit for next year, with its reinsurance business alone anticipated to make up €5.1 billion.
Broadcom forecast quarterly revenue above Wall Street estimates and predicted booming demand for its custom AI chips in the next few years, sending its shares up nearly 19 per cent. This also helped the company cross a market capitalisation of $1 trillion for the first time.
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