European stocks rise 1% on tech boost; ECB meeting in spotlight By Reuters

(Reuters) – European stock markets opened more than 1 percent higher on Thursday, supported by strong performances from technology companies, as investors awaited the European Central Bank’s interest rate decision expected later in the day.

The pan-European index rose 1.2% to 514.17 points at 07:08 GMT, marking the best day in almost a month if the gains continue.

Technology stocks outperformed their Asian peers, rising 2.6%. (MKTS/GLOB)

Basic commodities rose 2% as base metal prices rose, supported by hopes of a US rate cut next week. (MET/L).

All subsectors were in the green.

The ECB meets at 12.15 GMT on Thursday and is expected to cut rates by 25 basis points.

Markets will focus more on comments from ECB President Christine Lagarde, expected at 12.45 GMT, to confirm whether further interest rate hikes will follow in October and December.

Meanwhile, Spanish consumer price figures showed EU-harmonised inflation over the past 12 months fell to 2.4% in August, pushing the benchmark higher by more than 1%.

Swedish inflation fell by 0.5% in August, slightly lower than forecast.

Shares in Roche fell 4.5% after the Swiss drugmaker said promising results from an early-stage trial of its experimental diet pill were based on just six patients.