Zurich pops, luxury in demand
STOXX 600 flat
SNB cuts rates, ECB next
Swiss stocks outperform
Wall St futures ease
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ZURICH POPS, LUXURY IN DEMAND
The Swiss central bank SNB delivered on a 50 basis point cut, the steepest in almost a decade, giving a nice lift to stocks in Zurich, as the Swiss franc weakened against both the euro and the dollar.
In broadly flat European markets the SMI .SSMI index stood out, gaining as much as 0.8%, having been down 0.1% before the SNB policy announcement.
The region-wide STOXX 600 .STOXX wavered around parity, pending the ECB, which is widely seen cutting rates by a smaller 25 basis points. The FTSE .FTSE in London added 0.2%.
Luxury .STXLUXP, up as much as 1.3%, was in demand as a guidance rise at Italy's Cucinelli BCU.MI gave traders reason to dip toes back into a sector that has been held back this year from concerns over weakening demand in key market China.
Here is your opening snapshot:
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EARLIER ON LIVE MARKETS:
EUROPE BEFORE THE BELL: ALL QUIET AHEAD OF THE ECB CLICK HERE
ECB, SWISS SET TO CUT, BUT BY HOW MUCH? CLICK HERE
eu open https://tmsnrt.rs/4ipo4su
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