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European shares soar ahead of ECB meeting

European shares soar ahead of ECB meeting

European shares rose in early trading on Thursday, ahead of the European Central Bank policy meeting, and amid anticipation of Brexit developments.

As of 08:19 GMT, the Euro STOXX 600 rose 0.37 percent to 396.40, where the automotive sector led the European stock market gains, ascending 1.4 percent.

France CAC 40 was 0.45 percent up at 5,678.73 and Germany’s DAX ascended 0.62 percent to 12,878.55. In Britain, FTSE 100 increased 0.62 percent to 7,305.71.

The ECB is holding its monetary policy meeting later in the day, amid expectations that the central bank would hold the borrowing cost.

ECB President Mario Draghi will hold his last press conference today - before handing Presidency over to Christine Lagarde at the end of the month after eight years as ECB President.

EU members decided on Wednesday to delay the decision on whether to grant Britain a three-month extension of the Brexit deadline.

The final word in this regard remains in the hands of the European Union, who will decide Brexit or remain on 31 October, according to unnamed sources; CNBC reported that the decision would be on Thursday.

Meanwhile, the euro surrendered its earlier gains as it retreated from a high of $1.1162 to trade near the session’s open at $1.1129.

Industrial and service PMI data in Germany and the eurozone are due to be announced later today.

In addition, companies and banks in Europe will continue to disclose their financial results of the third quarter of this year.

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