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European stocks broadly lower ahead of BoE and ECB

FXStreet (Córdoba) - Most European stocks retreated Thursday as investors awaited the European Central Bank’s decision on monetary policy.

The Stoxx Europe 600 fell 0.15% to 344.36 in early trade, pulling back from an almost 2-month high. As for country-specific indexes the UK FTSE gained 0.13%. The Germany’s DAX 30 dropped 0.66% and the France’s CAC 40 shed 0.45%. Spain’s Ibex 35 was down 0.41% while Italy’s FTSE MIB lost 0.68%.

The ECB meeting is the main event of the day, as investors await to see whether the central bank will deliver a fresh round of policy stimulus, and its impact on the financial markets. The Bank of England will also decide today, but expectations favor another meeting on hold.

In the FX market, majors remains steady within recent ranges as investors stay on the sidelines ahead of these events. EUR/USD and GBP/USD were flat around 1.3150 and 1.6450 respectively, while USD/JPY hovered just below the 105 mark.

As for commodities, gold failed to sustain gains and traded unchanged at $1,270 an ounce while crude oil dropped 0.83% to $94.75 a barrel.

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