European Stocks Surge as Central Bank Retains Rates

By Investors Hub

European stocks are mostly higher after the European Central Bank left its key interest rates, asset purchases and forward guidance unchanged.

?The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases,? the ECB said.

While the U.K.?s FTSE 100 Index has inched up by 0.1 percent, the German DAX Index is up by 0.4 percent and the French CAC 40 Index is up by 0.6 percent.

Steinhoff International Holdings has rallied after the company announced the settlement of German litigation with Seifert entities, controlled by Andreas Seifert.

Automaker Volkswagen Group has also shown a notable move to the upside after confirming its 2018 outlook.

Meanwhile, Finnish telecom equipment maker Nokia has slumped after posting its fifth straight quarterly loss.

Philips Lighting has also fallen sharply after its first quarter core earnings fell short of forecasts.

Royal Dutch Shell has declined after the company posted strong earnings for the first quarter but cash flow fell short of estimates.

Taylor Wimpey has also moved to the downside. After recording a lower order book at the start of the year, the homebuilder said it continues to see good demand for new housing through early 2018.