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European stocks edged lower Thursday in cautious trade ahead of the latest European Central Bank decision.
Up 32% from its March lows, the Stoxx Europe 600 SXXP, -0.44% slipped 0.5%, with the recently rallying Stoxx Europe Total Market Value Index STVP, -1.12% declining by 1%.
Decliners included shopping center real estate groups Hammerson HMSO, -10.23% and Unibail-Rodamco-Westfield URW, -4.50% .
The European Central Bank is expected to expand its €750 billion Pandemic Emergency Purchase Program, by €500 billion, after ECB President Christine Lagarde downgraded the central bank’s eurozone GDP estimate to a drop between 8% and 12% this year.
The German DAX DAX, -0.44% declined 0.6% as Germany adopted a pandemic economic-stimulus package worth €130 billion for 2020 and 2021.
The euro EURUSD, -0.32% and the British pound GBPUSD, -0.58% each edged lower after recent gains.
Futures on the Dow Jones Industrial Average YM00, -0.25% fell 74 points.
LVMH Moet Hennessy Louis Vuitton MC, -0.03% shares were steady after saying “on this occasion” it is not considering buying Tiffany TIF, -2.38% shares “on the market” after a board meeting. Women’s Wear Daily has reported that LVMH’s planned takeover of Tiffany was in jeopardy.
Of stocks on the move, spirits maker Remy Cointreau RCO, +6.17% rallied 6% as the company said it expects a strong second half of the year and presented its longer-term goals that include an operating margin of 33% by 2030. Its fiscal year ending March profit slumped 29% on a 21% operating margin.
Galapagos GLPG, +2.24% rose as Phase 3 studies of drug it’s making with Gilead GILD, +1.55% showed “sustained efficacy and a consistent safety profile” in treating moderately to severely active rheumatoid arthritis.
