European stocks drifted lower Thursday, continuing a choppy week in which markets waver between optimism on signs of improving economic activity and worries that the coronavirus is still spreading.
After two days of gains, the Stoxx Europe 600 SXXP,
The German DAX DAX,
Futures on the Dow Jones Industrial Average YM00,
The Bank of England delivers its latest interest-rate decision at noon local time, or 7 a.m. Eastern, with expectations for at least £100 million more in quantitative easing after May inflation was the weakest in nearly four years.
Strategists at Citi say they expect European equities to be around current levels in 12 months. “We would not chase the market higher, although we recognize this is a consensus view,” they said. While stocks will be supported by $ 6 trillion of quantitative easing over the next 12 months, the strategists say 2021 earnings estimates are still 30% too high.
Tesco TSCO,
Siemens Gamesa Renewable Energy SGRE,
Taylor Wimpey TW,