Europe open: New records for Stoxx, DAX ahead of ECB rate decision

(Sharecast News) - European markets touched intra-day records again on Thursday as awaited for a rate decision from the European Central Bank amid an earnings dump. The pan-regional Stoxx 600 index was up 0.4% at 536.42, having hit 536.6 in early trade. Germany's DAX reached a new high of 21,709 before settling just under the 21,700 mark.

Economists expect the ECB to start the year with a 25-basis-point interest rate cut, taking the key overnight deposit facility rate to 2.75% in what would be its fifth cut since last June. Overnight the US Federal Reserve held rates steady as expected.

In equity news, shares in Deutsche Bank fell as the German lender reported a bigger-than-expected sharper-than-expected fall in fourth-quarter profit.

Oil giant Shell gained despite a sharp fall in annual profit on the back of weaker oil prices.

H&M was down after the Swedish fashion group as fourth quarter estimates missed estimates.

Reporting by Frank Prenesti for Sharecast.com