European shares rise 1% on tech boost; ECB meeting in focus By Reuters

(Reuters) – European shares opened more than 1 percent higher on Thursday, supported by strong performances in technology stocks, as investors awaited the European Central Bank’s rate decision due later in the day.

The pan-European index rose 1.2 percent to 514.17 points as of 0708 GMT and is poised for its best day in nearly a month if gains hold.

Technology shares enjoyed a boost from Asian peers and rose 2.6%. (MKTS/GLOB)

The basic resource gained 2% after base metal prices rose, supported by hopes of a US interest rate cut next week. (MET/L).

All subsectors were trading in the green.

The ECB will meet at 1215 GMT on Thursday, where it is expected to cut interest rates by 25 basis points.

Markets will be more focused on comments from ECB President Christine Lagarde, due at 1245 GMT, to confirm whether further rates will follow in October and December.

Meanwhile, Spanish consumer price figures showed 12-month harmonized EU inflation fell to 2.4% in August, leading the benchmark to gain more than 1%.

Swedish inflation fell 0.5% in August, just below forecast.

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