European Stocks Were Falling Sharply in Thursday Trading; Bank of England Maintains Bank Rate

11:49 AM EDT, 03/19/2026 (MT Newswires) -- The European stock markets were tumbling in Thursday trading as The Stoxx Europe fell 2%, Germany's DAX declined 2.2%, the FTSE 100 lost 2.3%, France's CAC was down 1.2%, and the Swiss Market Index dropped 1.8%.

The Bank of England said Thursday that its Monetary Policy Committee voted unanimously to maintain the bank rate at 3.75%.

"Conflict in the Middle East has caused a significant increase in global energy and other commodity prices, which will affect households' fuel and utility prices and have indirect effects via businesses' costs," the Bank of England said in a statement. "Prior to this, there had been continued disinflation in domestic prices and wages. CPI inflation will be higher in the near term as a result of the new shock to the economy."

And in corporate news, Banco Bilbao Vizcaya Argentaria is facing a proposed 181.8 million euro ($208.16 million) fine from Spain's anti-corruption prosecutor over its alleged role in a corporate spying scandal, Reuters reported Thursday, citing a document it has seen.

The case stems from a broader probe into companies that hired a firm linked to former police commissioner Jose Manuel Villarejo for alleged illegal operations between 2004 and 2016, the report said. Prosecutors are also seeking up to 173 years in prison for the bank's former chairman Francisco Gonzalez, though sentencing limits cap any term to 15 years, the report added.

BBVA did not immediately respond to MT Newswires' request for comment.

Shares of the Spanish lender fell 2.2% in Madrid.

BP and Exxon Mobil's Australian units are among the fuel suppliers facing a preliminary enforcement probe into allegations of anticompetitive conduct, the Australian Competition and Consumer Commission said Thursday.

BP Australia, Mobil Oil Australia, Ampol, and Viva Energy Australia are subject to the probe, according to the ACCC.

There are reports regarding diesel availability to independent wholesalers and distributors servicing regional and rural Australia, the competition regulator said, adding that the investigation will evaluate the alleged conduct.

"It is not our usual practice to publicly announce investigations, but given the significance of the issue, the ACCC is confirming this enforcement investigation," the regulator said. "We recognize the widespread concerns held by consumers, businesses and farmers about fuel pricing and supply issues arising during the Middle Eastern conflict."

BP said it is taking the regulators' investigation into its market practices seriously and is reviewing the claims. The company declined to comment further, as the investigation is ongoing.

Exxon Mobil didn't immediately respond to MT Newswires' requests for comment.

Shares of BP gained 4.4% in London.

GSK said Thursday the US Food and Drug Administration has approved its experimental drug, Lynavoy, to treat cholestatic pruritus in adult patients with primary biliary cholangitis.

The company said the approval was based on a late-stage trial that showed the drug significantly reduced itching and related sleep disruption in patients compared with placebo. Separately, GSK said its planned licensing deal with Alfasigma for the drug remains ongoing and subject to regulatory approvals.

Shares of the British pharmaceutical company declined 1.2% in London.

Ferrari has suspended most deliveries in the Middle East due to the ongoing war in Iran, multiple media reports said Thursday, citing a company statement.

Ferrari didn't immediately reply to a request for comment from MT Newswires.

Shares of the Italian luxury automaker were down close to 4% in Milan.

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