Europe open: Stocks start session modestly lower, ECB in focus

(Sharecast News) - Stocks in Europe started the session with modest losses as investors bid their time ahead of the European Central Bank's policy decision. At 1215 GMT, the ECB was expected to announce a 25 basis point interest rate reduction, with the deposit rate seen falling to 2.25%.

Wall Street's main market indices swooned overnight after the head of the country's central bank said that it would remain on the side lines for now.

As of 0819 GMT, the Stoxx 600 was trading 0.41% lower to 504.97, alongside a 0.31% decline for the German Dax to 21,234.77.

Spain's Ibex 35 meanwhile was off by 0.55% to 12,872.70.

In parallel, euro/dollar was dipping 0.21% to 1.1376, whilst gold futures were dipping 0.27% to $3,337.20/oz. on COMEX, having hit a fresh record high of $3,371.90/oz. in overnight trading.

In fresh economic data, Destatis reported a 0.7% month-on-month drop in German producer prices during the month of March (consensus: -0.2%).

Later in the session, at 1230 GMT, investors would be waiting on readings for weekly US jobless claims, US mid-Atlantic factory sector activity and existing home sales.