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You are at:Home » European shares rise 1% driven by tech gains, with focus on the upcoming ECB meeting
Finance and Investing

European shares rise 1% driven by tech gains, with focus on the upcoming ECB meeting

Gazet InternationalBy Gazet InternationalSeptember 12, 2024Updated:January 27, 20252 Mins Read
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Thanks to robust results from technology sectors, European markets began almost 1% higher on Thursday. Investors were waiting for the European Central Bank to announce its interest rate decision later in the day.

As of 07:08 GMT, the pan-European STOXX 600 index stood at 514.17 points, up 1.2%. It is on track to have its best day in almost a month, assuming the gains hold.

Technology stocks rose 2.6% in tandem with a surge in their Asian counterparts.

Frankfurt Stock Exchange

A 2% increase in the price of basic resources followed a rise in base metals, driven by expectations of a U.S. interest rate cut next week.

Every subsector was experiencing positive trading.

On Thursday at 12:15 GMT, the European Central Bank (ECB) is likely to lower interest rates by 25 basis points.

Markets will closely watch ECB President Christine Lagarde’s remarks scheduled for 12:45 GMT. They aim to determine if additional rate hikes are planned for October and December.

In the meantime, the benchmark IBEX 35 gained more than 1% after Spain’s consumer pricing data revealed that the 12-month EU-harmonized inflation decreased to 2.4% in August.

In August, Swedish inflation reduced by 0.5%, somewhat less than expected.

Roche’s stock dropped 4.5% when the Swiss pharmaceutical company revealed that the encouraging outcomes of an early-stage trial using its novel weight-loss tablet were based on a small sample size of six patients.

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#BUSINESS #ECB #ECONOMY #EUROPE #EuropeanCentralBank #FINANCE #GAZETINTERNATIONAL #GI #GIAWARDS #INFLATION #interestrate #investing #MARKETS #STOCKMARKET #stocks #TECHNOLOGY
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