Global equities retreat after ECB cuts rates

NEW YORK/LONDON, Dec 12 (Reuters): Global stocks were down and major Wall Street indexes fell on Thursday after the European Central Bank cut interest rates for a fourth time this year, and gold prices dropped.

European stocks pared losses after the European Central Bank cut interest rates and kept the door open to further easing in 2025.

The Swiss franc weakened after the Swiss National Bank cut rates by half a point, its largest reduction in nearly 10 years. Markets had priced a good chance of a half-point cut in the run-up to Thursday's meeting.

The US dollar rose against a range of other currencies, though it weakened against the yuan .

Oil prices eased as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a US interest rate cut.

MSCI's gauge of stocks across the globe fell 0.52 points, or 0.06 per cent, to 870.87.

The Dow Jones Industrial Average rose 33.41 points, or 0.08 per cent, to 44,183.33, the S&P 500 fell 17.72 points, or 0.29 per cent, to 6,066.47 and the Nasdaq Composite fell 100.05 points, or 0.50 per cent, to 19,934.85.

Europe's STOXX 600 eased 0.02 per cent, while emerging market stocks rose 0.53 per cent.

The yield on benchmark US 10-year notes rose 2.3 basis points to 4.295 per cent, from 4.271 per cent late on Wednesday.