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.
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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