Gains in exporters and financial companies led a rally in European stocks after the Federal Reserve fulfilled investor expectations by raising rates for the first time in nearly a decade.
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Around midday, the Frankfurt, Paris and London markets were each down by 0.3 percent.
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Traders welcomed the move by the US Federal Reserve to call time on near-zero borrowing costs, raising its key interest rate by 0.25%, ending a year of uncertainty over US monetary policy.
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“With the uncertainty surrounding the Fed now cleared and panic not ensuing, everything is now in place for a strong end to the year”, said Craig Erlam, senior market analyst at Oanda trading group.
“The Fed decision has clearly had no effect on the ongoing world of pain that oil prices find themselves in, ” said Angus Nicholson, a market analyst at IG in Melbourne, Australia.
Japan’s central bank yesterday announced an unexpected tweak to its vast stimulus programme, jolting financial markets and pushing the yen into a brief dive.
The European Central Bank and Bank of England are also propping up the eurozone and British economy with billions of US dollars worth of economic stimulus by buying assets such as bonds.
Asian stock markets rallied for a second day Thursday and the dollar clocked up advances against most other currencies.
But the positive outlook waned a bit on Thursday on Wall Street which slipped into negative territory, threatening gains from the three-day rally seen before and immediately after the Fed’s historic move.
As of the close, the benchmark DJ Stoxx Europe 600 index was down 1.01% to 361.23, France’s CAC 40 by another 1.12% and Germany’s DAX by -1.21%.
The UK blue-chip index fell 49 points, or 0.8%, to 6,054, weighed down by the drop in U.S. markets. It added 4.20 percent over the week.
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In mid-afternoon trades, the Frankfurt and Paris exchanges were down by almost 1.0 percent while London was off by 0.20 percent. But there have also been signs that markets are ready to swallow an increase and that a failure to act could be seen as a signal of concern over the health of the United States economy.
