European Stocks Close Higher after ECB Cuts Interest Rates

European stocks rose Thursday after the European Central Bank (ECB) cut interest rates by 25 basis points to 3.5 percent. The pan-European Stoxx 600 index rose 0.8 percent to 511.98 points at the close, recording its highest level in a week, and all regional bourses also ended the session higher. All European sectors rose, except for the utilities sector, which fell 0.1 percent. The mining sector led the gains, rising 2.4 percent after base metals prices rose, driven by hopes of a US interest rate cut next week. The technology sector jumped 2 percent, in line with a series of gains achieved by technology sectors in Asia, providing the biggest boost to the European index. Spain's consumer price index data showed that EU-compliant 12-month inflation fell to 2.4 percent in August, helping lift Spain's blue-chip IBEX 35 index more than 1 percent. Inflation in Sweden fell 0.5 percent in August, slightly below expectations. Source: Qatar News Agency