1408 GMT - Germany's blue-chip index DAX briefly touched a record high after the European Central Bank cut its base rate by 25 basis points to 3.25%, in line with market expectations. The index touched 19,674.68 points before losing some steam to trade at 19,584.6 points, up 0.8%. The country has been suffering from a manufacturing downturn and recently downgraded its growth forecasts. European stocks posted gains, with the Stoxx 600 index trading up 0.8% at 523.65 points after the decision and press conference. "Borrowing costs are falling, so we may see stronger economic growth in the months ahead, which could in turn enhance the appeal of European assets," RAW Capital Partners' managing director Ben Nichols says.(elena.vardon@wsj.com)
(END) Dow Jones Newswires
October 17, 2024 10:08 ET (14:08 GMT)
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