Tech, media stocks boost European stocks By Reuters

(Reuters) – European stocks rose on Thursday as media and technology shares lifted the index, paring a global decline after Nvidia’s (NASDAQ: ) quarterly results failed to impress investors.

The pan-European index was up 0.2%% by 0712 GMT.

Media stocks gained 0.5%, led by a 2.3% rise in Universal Music Group ( AS: ).

The tech sector rose 0.3 percent, lifting the index, as European investors shrugged off Nvidia’s quarterly forecast, which failed to meet global investors’ lofty expectations.

In contrast, the oil and gas sector fell 0.2%, dragged down by a near 2% decline in Equinor.

Spain’s benchmark rose 0.1 percent after data showed inflation fell to 2.4 percent in August.

European business and economic sentiment data is due at 0900 GMT, while German consumer price figures are expected at 1200 GMT.

Markets will also watch for comments from European Central Bank chief economist Philip R. Lane, who is taking part in a panel at 0915 GMT.

Other ECB vice-governors such as Aino Bunge (NYSE: ) and Olli Rehn are also participating in the discussions.

Among other mobile actions, Pernod Ricard (EPA: ) gained 2% after the Western spirits maker reported full-year sales that were broadly in line with forecasts.