European stocks edged lower Thursday in cautious trade ahead of the latest European Central Bank decision.
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.
Futures on the Dow Jones Industrial Average
fell 74 points.
LVMH Moet Hennessy Louis Vuitton
shares were steady after saying “on this occasion” it is not considering buying Tiffany
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
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.
rose as Phase 3 studies of drug it’s making with Gilead
showed “sustained efficacy and a consistent safety profile” in treating moderately to severely active rheumatoid arthritis.