In the United States, indices fared little better, with the Dow Jones down 0.64% at around 6 pm CET.

As the conflict in the Middle East entered its twentieth day, this penultimate session of the week was heavily influenced by central bank activity.

Following the Fed, which kept rates unchanged the previous day, the ECB also opted for the status quo. For the sixth consecutive time since July, it maintained its main policy rate at 2%, in line with expectations, despite the price surge linked to geopolitical tensions.

"Europe has more to lose in this energy shock, and the ECB is aware of it," noted Madison Faller, strategist at J.P. Morgan Private Bank, pointing to a marked shift in tone. Inflation forecasts were revised upward, growth projections were lowered, and the possibility of monetary tightening resurfaced, though it was not explicitly confirmed.

Nicolas Forest, CIO at Candriam, shared this assessment, stating that the ECB is navigating an increasingly delicate environment. According to him, rising energy prices and geopolitical risks are reviving inflationary pressures, with effects expected beyond energy, particularly on wages and services, while growth remains fragile in the eurozone.

Meanwhile, the Bank of England unanimously maintained its key rate at 3.75%, highlighting the economic consequences of the conflict.

Earlier in the day, the Bank of Japan (BoJ) and the Swiss National Bank (SNB) also left their rates unchanged, with the latter stating it stands ready to intervene in the foreign exchange market.

On the statistical front, weekly jobless claims in the United States came in lower than expected at 205,000, compared to the 215,000 anticipated (following 213,000), while new home sales disappointed at 587,000, versus the 720,000 expected (following 745,000).

Regarding geopolitics, Donald Trump asserted this Thursday that he is not considering a military deployment in Iran, nearly three weeks after joint strikes with Israel against the country. "No, I am not deploying troops anywhere. If I were, I certainly wouldn't tell you. But I am not deploying troops," the US President stated from the White House, alongside Japanese Prime Minister Sanae Takaichi.

In this persistently tense climate, Brent crude is trading around 110 dollars, after reaching a session peak of 119 dollars.

Accor under pressure

Accor (-5.97%) trailed the Paris benchmark index as the hotel group reacted to a report from Grizzly Research, which alleged serious failings in several establishments related to potential human trafficking. In a statement, the company "firmly denies any involvement in alleged systemic exploitation linked to human or child trafficking," while announcing the opening of a thorough internal investigation. The group also specified that it has commissioned an external firm to verify the allegations.

Another significant decline was seen in Jacquet Metals (-7.41%) following the publication of mixed annual results. In a still degraded environment in 2025, the metal distributor managed to improve its profitability and cash generation but suffered from a decline in volumes and prices.

Following an 11% jump driven by the announcement of a special dividend of 1.50 EUR per share, Bolloré shares edged up 0.40%. According to "Le Monde," Vincent Bolloré, the billionaire head of the eponymous group, is set to stand trial in criminal court for "corruption of a foreign public official" in Togo.

On the foreign exchange market, the euro rose 0.57% to $1.1529.