European stocks open higher after US Central Bank’s decision

European stocks opened lower on Thursday as investors returned from the Labor Day holiday to analyze the impact of a series of major companies’ business results and the Federal Reserve’s indication of postponing interest rate cuts.

According to Reuters, the European Stoxx 600 index fell 0.2% by 0715 GMT, after recording its first monthly decline this year in April.

Investors returned after the Labor Day holiday on Wednesday, a day that saw the US Federal Reserve indicate that interest rates will remain high for a longer period due to recent disappointing inflation readings.

Energy stocks fell 1.7%, with shares of Vestas, the world’s largest wind turbine manufacturer, falling 4.2% after it reported a surprise loss in the first quarter.

Novo Nordisk shares fell 2.4%, giving up early gains. The stock’s decline came despite the company raising its expectations for 2024 and achieving better-than-expected profits in the first quarter of the year.

As for the shares of the Dutch ING Group, it jumped 5.4% after buying back shares worth 2.5 billion euros and a strong performance in the first quarter.

British Standard Chartered Bank shares rose 5% after an increase that exceeded expectations in first-quarter profits, which boosted the banking index to top the list of winning sectors.