Frankfurt’s DAX 40 index was broadly steady around 25,550 points on Thursday, trading near its lowest level since late July, as the recent rally in oil prices paused and investors turned their attention to the European Central Bank’s policy decision later in the day. Markets have fully priced in a 25-basis-point rate increase, which would be the ECB’s second hike this year and lift the key deposit rate to 2.50%. With the move largely anticipated, investors are focusing instead on the ECB’s updated economic projections and President Christine Lagarde’s press conference for signals on the future path of monetary policy. Current market pricing points to two rate hikes this year, with the deposit rate expected to peak at around 3.1% by late 2027. Among individual stocks, RWE (+1.7%), Porsche AG (+1.0%), DHL (+0.8%) and MTU Aero Engines (+0.4%) advanced after receiving positive commentary from US investment bank JPMorgan.