Both the indexes briefly pared their gains after the ECB pushed back against bets on imminent cuts to interest rates by reaffirming borrowing costs would remain at record highs despite lower inflation expectations. "Market's still reacting to a surprising dovish shift from the Fed, while the ECB was relatively hawkish due to lack of indication of even considering cuts," said Patrick Armstrong, chief investment officer at Plurimi Wealth. "The Fed has overtaken the ECB to be the markets' favourite for which major central bank will cut first," said Stuart Cole, chief macro economist at Equiti Capital.