A trader works, as a screen displays the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2024.
This was CNBC's live blog covering European markets.
European stocks closed lower on Thursday as global markets reacted to a slew of corporate earnings and the U.S. Federal Reserve's latest monetary policy decision.
The Stoxx 600 index closed down 0.2%, with sectors spread between losses and gains. Bank stocks ended the session up 0.6%, while tech retreated 1%.
Central bank policymakers kept rates steady in their May meeting, holding at a range of 5.25% to 5.5%, as expected. Federal Reserve Chair Jerome Powell said it was unlikely that the central bank's next move will be a rate hike.
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Asia-Pacific markets were mostly higher overnight as traders reacted to the Fed's stance, while U.S. stocks advanced as investors looked ahead to more corporate earnings due Thursday.
It was a busy day for earnings in Europe Thursday. The region's biggest company, Novo Nordisk, beat profit estimates as demand for its weight loss drugs continued to boom. Oil giant Shell also outperformed on higher refining margins and robust oil trading.
Money Report
Dutch bank ING was 6.5% higher by the end of the session after announcing a 2.5 billion euro ($2.7 billion) share buyback.
AXA, ArcelorMittal, Orsted, Vestas, Hugo Boss, Pandora and Standard Chartered were among the other companies reporting.
European markets close lower
European markets closed lower Thursday, with the Stoxx 600 ending the session down 0.2%.
Major bourses ended the session mixed, with the U.K.'s FTSE 100 index 0.7% higher at 8,174, Germany's DAX down 0.2% at 17,905, France's CAC 0.8% lower at 7,921 and Italy's FTSE MIB down 0.1% at 33,774.
— Karen Gilchrist
ING CFO: We are comfortable regardless of interest rate environment
Tanate Phutrakul, CFO of ING, says a banking union is necessary for competitiveness in European banking.
U.S. stocks open higher
U.S. stocks opened higher on Thursday.
The Dow Jones Industrial Average added 224 points, or 0.62%. The S&P 500 climbed about 0.73%, while the Nasdaq Composite increased by 0.86%.
— Sarah Min
Hugo Boss down 7% on shaky demand outlook
Shares of German retailer Hugo Boss were 7% lower at 2:13 p.m. in London, after the fashion firm flagged "overall muted local demand" in China and macroeconomic and geopolitical uncertainty weighing on global sentiment.
Group sales rose 5% to 1.014 billion euros ($1.084 billion) in the first quarter, as earnings before interest and taxes (EBIT) climbed 6% to 69 million euros.
— Jenni Reid
Pandora up 6% on guidance raise
Shares of Pandora were 6% higher at midday London time, after the world's biggest jewellery brand reported 18% revenue growth in the first quarter and raised its outlook for the year.
The Danish firm, which has 2,500 stores around the world, saw revenue of 6.8 billion Danish kroner ($976 million). It now expects 8% to 10% organic growth this year, up from previous guidance of 6% to 9%.
Its earnings before interest and taxes (EBIT) margin rose from 21.5% to 22%, and it still expects a figure of around 25% for the full year.
"The strategy of Pandora is working really hard, the geographic diversification we've been working on, the collection diversifiation we've been working on to try to sell a full jewellery brand," CEO Alexander Lacik told CNBC's "Squawk Box Europe."
Consumer pricing has changed only marginally, but the company has worked on creating a stronger brand narrative and expanding its collections, he said.
"The macro... in the jewellery market for the last two years is sluggish and continues to be so... we seem to be on the winning side of things. We're gaining market share pretty much everywhere," Lacik added.
— Jenni Reid
Federal Reserve monetary policy will be about ‘totality of data,’ economist says
Janet Henry, chief global economist at HSBC, discusses the state of the U.S. economy and the outlook for Federal Reserve policy.
Universal Music Group slightly higher after agreeing TikTok licensing deal
Shares of Universal Music Group were fractionally above the flatline at 10:15 a.m. in London, after the record label for bestselling artists such as Taylor Swift, Adele and Harry Styles struck a new licensing agreement with app TikTok.
TikTok earlier this year removed songs from artists signed to UMG from videos posted by its users, after the two firms failed to agree a deal.
UMG said in a statement that the new deal would "deliver significant industry-leading benefits for UMG's global family of artists, songwriters and labels and will return their music to TikTok's billion-plus global community."
Read more here.
— Jenni Reid
Europe stocks see choppy start
European stocks had a choppy start to Thursday trade amid a flurry of earnings, with major bourses trading mixed.
The benchmark Stoxx 600 index shed early gains to trade 0.14% lower by 8:56 a.m. in London. The U.K.'s FTSE 100 rose 0.45%, while France's CAC 40 dropped 0.8%. Germany's DAX was down 0.1%.
— Jenni Reid
Stocks on the move: Novo Nordisk, Shell slide despite profit beats
Shares of pharmaceutical giant Novo Nordisk and oil giant Shell dropped in early deals despite both companies beating profit estimates for the first quarter on Thursday.
Denmark's Novo Nordisk was down 2.7% at 8:30 a.m. in London despite reporting strong sales growth in its weight loss drug Wegovy, and nudging its sales growth outlook higher by one percentage point.
"They've raised their annual guidance a little bit, which is fine. Really there was no other expectation than continued growth, and substantial growth," John Rountree, managing partner at pharmaceutical consultancy Novasecta, told CNBC's "Squawk Box Europe."
"This is extraordinary growth and analysts now expect it to continue," Rountree added.
Shell shares were 1.1% lower after the oil major reported adjusted earnings of $7.7 billion for the first three months of the year, down from $9.6 billion over the same period in 2023.
The firm also announced a $3.5 billion share buyback program.
— Jenni Reid
U.S. crude oil falls below $80, hits seven-week low as stockpiles surge on lackluster demand
U.S. oil prices tumbled more than 3% to dip below $80 a barrel on Wednesday as crude stockpiles surged on lackluster demand.
The West Texas Intermediate contract for June delivery fell $2.83, or 3.45%, to $79.10 a barrel, the lowest level in seven weeks. Brent July futures lost $2.77, or 3.21%, to $83.56 a barrel.
U.S. oil inventory levels have risen to the highest levels since June 2023 as refiners process less crude as demand for gasoline has softened.
"The refiner is totally floundering on the run rate and that's because they don't believe there's demand there," said Bob Yawger, director of energy futures at Mizuho Americas.
— Spencer Kimball
CNBC Pro: Citi just added these global stocks with over 30% upside to its ‘highest conviction ideas’ list
Citi has just refreshed its list of "highest conviction ideas" in Europe and recommended a specific trading strategy that investors can adopt right now.
The ideas - or stocks - are captured in the investment bank's focus list - and include names that analysts have the "strongest buy and sell ideas [on] for the next 12 months."
"The focus is on bottom - up ideas," Citi's analysts wrote, adding that the list also "highlights liquid names in which investors can build positions.
Citi's focus list delivered returns of 3.4% over the last 12 months and 5.4% in the past three months.
CNBC Pro subscribers can read more on the stocks added here.
— Amala Balakrishner
Federal Reserve keeps rates steady, moves to ease the pace of balance sheet reduction
The Federal Reserve on Wednesday kept interest rates steady, deciding not to lower rates as it contends with persistent pricing pressures.
The central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25% and 5% in what was a widely anticipated move. The federal funds rate has been at that level since July 2023.
The Federal Open Market Committee voted to ease the pace at which it is lowering bond holdings on the Fed's balance sheet, a move that could signal an incremental easing of monetary policy.
The S&P 500 was slightly lower following the decision.
— Sarah Min, Jeff Cox
European markets: Here are the opening calls
European markets are expected to open higher Thursday.
The U.K.'s FTSE 100 index is expected to open 31 points higher at 8,148, Germany's DAX up 79 points at 17,935, France's CAC 38 points higher at 7,969 and Italy's FTSE MIB up 135 points at 33,491, according to data from IG.
Earnings in Europe Thursday come from AXA, ArcelorMittal, Novo Nordisk, Orsted, Vestas, Hugo Boss, DSM Firmenich, Shell and Standard Chartered. Data releases include Swiss inflation figures for April and Italian producer prices for March.
— Holly Ellyatt
