European Shares Retreat Ahead Of ECB Meeting

European stocks snapped a six-day winning streak on Thursday as U.S. President Donald Trump’s long-touted tax plan for big corporate and personal tax cuts offered few details and investors waited to hear from ECB President Mario Draghi.

The European Central Bank is broadly expected to maintain the status quo on rates, but Draghi may hint at revising forward guidance as early as June.

Earlier in the day, the Bank of Japan kept its policy steady while sounding more upbeat on the economy.

Sweden’s central bank left its key rate unchanged, but extended the purchases of government bonds and delayed its expected timing for an interest rate hike until mid-2018.

The pan-European Stoxx Europe 600 index was down 0.4 percent at 387.11 in late opening deals after rising half a percent in the previous session. The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were down between 0.3 percent and 0.6 percent.

Deutsche Bank lost 3 percent. The German lender more than doubled its first-quarter profit, but revenue dropped due to the negative impact of credit spreads.

Airline Lufthansa tumbled 3.5 percent after its Q1 net loss widened from last year.

Commodity-related stocks were mostly lower, with Anglo American, Antofagasta, Tullow Oil, Glencore and Royal Dutch Shell losing 1-2 percent.

AstraZeneca shed nearly 1 percent after the drug giant reported weak profit and revenues in its first quarter amid declining sales of cholesterol treatment Crestor, which lost patent protection last year.

Plane maker Airbus also lost 1 percent on reporting a 52 percent drop in Q1 profit, hit by production glitches and higher costs on new models.

Nokia shares soared 6 percent after the telecoms giant narrowed its first-quarter loss and said it was cautiously optimistic for the full year.

Mediclinic shares soared 18 percent after the Abu Dhabi government canceled a requirement for citizens to make co-payments for private medical treatment.

Lloyds Banking Group rallied 3.5 percent. The British…

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