European stock markets moved higher on Thursday as investors responded to a series of closely watched central bank policy meetings across the region.
Germany’s DAX index rose 1%, while the UK’s FTSE 100 gained 0.7%. France’s CAC 40 also advanced, climbing 0.8% during the session.
The Bank of England cut interest rates earlier in the day, delivering a widely expected move as slowing inflation and softer economic growth influenced policymakers. The UK central bank reduced its key Bank Rate by 25 basis points to 3.75%, down from 4%, marking the lowest level in nearly three years.
Meanwhile, the European Central Bank left its benchmark interest rate unchanged at 2%. Inflation remains close to the ECB’s medium-term target, while the eurozone economy has shown resilience despite pressure from U.S. President Donald Trump’s aggressive trade policies.
UK inflation data also supported expectations for monetary easing. Annual consumer price inflation fell to 3.2% in November from 3.6% the previous month, reaching its lowest level in eight months and reinforcing the case for lower rates.
In corporate news, BP shares rose after the energy company announced the appointment of Woodside Energy chief Meg O’Neill as its next chief executive. She will take over in April, replacing Murray Auchincloss after less than two years in the role. O’Neill will become BP’s first CEO hired from outside the company and the first woman to lead any of the world’s five largest oil majors.
Oil prices moved higher on Friday following an order by President Donald Trump to impose a blockade on sanctioned oil tankers entering and leaving Venezuela. Brent crude futures rose 0.7% to $60.08 a barrel, while U.S. West Texas Intermediate crude gained 0.8% to $56.26 a barrel.
Trump announced earlier this week that the blockade would target tankers carrying Venezuelan oil already under U.S. sanctions, increasing pressure on President Nicolas Maduro’s government and raising concerns about potential supply disruptions from the OPEC member. Despite the rebound, oil prices remain on track for weekly losses of nearly 2%, as expectations of excess supply and the prospect of a peace agreement in Ukraine continue to weigh on the market.
