Nordea carries banks up 1
Sartorius tops STOXX 600 after Q3 results
STOXX 600 up 0.7

Oct 17 Reuters European stocks held on to their gains on Thursday, after the European Central Bank delivered a widely expected 25basispoint rate cut, even though it refrained from offering new clues about its next move.

The continentwide STOXX 600 index was up 0.7 at 1225 GMT, following a twoday decline.

The ECB reduced its interest rates by 25 bps, following a similarsized cut in September, which marked its first backtoback rate cuts in 13 years.

However, the central bank did not provide any indication about future moves in its statement and instead repeated its mantra that decisions will be datadependent.

This came in the face of money markets39; expectations of three further reductions through March 2025. Inflation in the euro zone is now increasingly under control and the economic outlook has worsened.

The outlook is pretty clear as well… With the growth so slow in Europe and inflation back to target, it would be a surprise if they didn39;t continue to cut, Robert Farago, head of head of strategic asset allocation at Hargreaves Landsdown said.

Investor sentiment was already upbeat on the back of a slew of robust corporate earnings ahead of the monetary policy verdict.

Finnish bank Nordea rose 6, supporting a more than 1 rise in the bank index, after raising its forecast and announcing a new share buyback programme.

Germany39;s Sartorius rose 16, topping the STOXX 600,…