Tech stocks struggle amid tariff worries
Euro near 4month high ahead of ECB meeting
September rate cut signals awaited
Gold holds near record highs

LONDON, July 18 Reuters Europe39;s traders were trying to pull stock markets out of techled tumble on Thursday, as attention turned to whether the European Central Bank would signal September is its next likely point to cut interest rates.

It was already a busy day.

Japan39;s yen had scaled a sixweek high amid speculation of an sustained intervention, while the equity markets were still shaky after chipmaker tariff worries gave the Nasdaq its worst day since December 2022 on Wednesday.

Bond markets were broadly steady and at 1.0930 the euro was holding near a fourmonth peak against an unusually subdued dollar ahead of the ECB meeting where the questions were all on when it cuts next.

Given that the bank39;s policymakers have not been pushing back against current market expectations, BNP Paribas economist Luca Pennarola said barring any shocks September was their preferred date for the next rate cut.

His colleague Mariana Monteiro said it would be important to hear whether Thursday39;s decision in which rates are expected to be kept unchanged will be unanimous given an emerging divergence over a potentially spluttering economic recovery but also stubborn pockets of inflation.

Back in the FX market, the U.S. dollar was loitering close to its weakest level in four months against a basket of currencies.

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