European stocks closed lower at the end of Wednesday’s trading , with anticipation of the results of the European Central Bank (ECB) meeting on Thursday, amid expectations of a third interest rate cut this year.

The European Stoxx 600 index ended its trading down 0.2 percent, moving away from the highest level in more than two weeks recorded yesterday, Tuesday, affected by the decline in technology and luxury goods stocks due to disappointing business results.

The leading stock index in the eurozone, the Stoxx 50, closed at its lowest level in more than three weeks.

The share of ASML, the world’s largest producer of chipmaking equipment, fell by 5.1 percent to reach its lowest level in ten months, which pushed the sub-index for technology companies down 1.5 percent to its lowest level in a month.

The luxury goods sector also stumbled, with Frances LVMH falling 3.7 percent, its biggest one-day drop in more than a month, after the company reported weaker third-quarter sales.

Frances CAC 40 underperformed m
ost major European bourses, falling 0.4 percent.

Spains IBEX closed at its highest level since January 2010, while Germanys DAX slipped 0.1 percent from a record high on Tuesday.

Investors expect the European Central Bank (ECB) to cut interest rates by another 25 basis points on Thursday, which could support stock markets.

Source: Qatar News Agency