Europe Markets: Stocks in Europe move off lows as ECB expands program by more than forecast

European stocks moved off their lowest levels of Thursday on a slightly more aggressive European Central Bank move than expected.

The ECB opted to expand its pandemic emergency asset purchase program by €600 billion rather than the €500 billion consensus as it also said it would reinvest the proceeds of maturing securities and extended the expiration date of the program.

The Stoxx Europe 600 SXXP, -0.71% traded nearly flat, and some national indexes including the German DAX DAX, -0.61% turned higher.

French conglomerate LVMH Moët Hennessy Louis Vuitton MC, -1.48% shares slipped 1% after saying “on this occasion” it is not considering buying luxury retailer Tiffany TIF, +0.62% shares “on the market” after a board meeting. Women’s Wear Daily has reported that LVMH’s planned takeover of Tiffany was in jeopardy.

Of stocks on the move, spirits maker Rémy Cointreau RCO, +8.94% rallied 8% as the company said it expects a strong second half of the year and presented its longer-term goals that include an operating margin of 33% by 2030. Its fiscal year ending March profit slumped 29% on a 21% operating margin.

Lookers LOOK, +8.15% shares rose nearly 9% as the U.K. and Ireland car dealership chain said it would cut up to 1,500 jobs. Separately, U.K. car sales plunged 89% in May, a trade group reported.

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