Fri Sep 20 07:16:44 UTC 2024: ## European Stocks Dip After Central Bank Decisions
**Frankfurt, Germany** – European stock markets edged lower on Friday, consolidating after strong gains the previous day as investors digested a series of policy decisions from major central banks.
The DAX index in Germany was down 0.6%, the CAC 40 in France fell 0.3%, and the FTSE 100 in the U.K. dropped 0.5%. Despite the day’s decline, the main European indices are on course for strong weekly gains, following the Federal Reserve’s decision to cut interest rates by 50 basis points on Wednesday.
The Bank of England, Norway’s Norges Bank, and the Bank of Japan all held rates steady this week, while the People’s Bank of China kept its benchmark lending rate unchanged despite calls for more stimulus.
The European Central Bank (ECB) also cut its key interest rates by 25 basis points, following a similar move in June. ECB governing council member Fabio Panetta indicated that further cuts could be accelerated in the coming months, citing a sluggish eurozone economy.
Data released on Friday showed that German producer prices fell 0.8% year-on-year in August, indicating that inflation is retreating in the eurozone. Meanwhile, British retail sales rose by a stronger-than-expected 1% in August, with growth in July also revised upwards.
Crude oil prices fell slightly on Friday but are on track for a second consecutive weekly gain, buoyed by the recent US interest rate cut.
Brent crude dropped 0.2% to $74.77 per barrel, while U.S. crude futures (WTI) traded 0.1% lower at $71.08 per barrel. The benchmarks have recovered from near three-year lows reached on September 10, registering gains in five of the last seven sessions, including over 4% this week.
However, concerns over slowing demand, particularly in China, are limiting further gains. US crude inventories fell to a one-year low last week, according to official government data.
First Piper 