Europe open: Shares rise as eyes turn to ECB rate decision

European shares opened higher on Thursday as investors turned their attention towards an interest rate decision from the European Central Bank.

The pan-European Stoxx 600 was up 0.27% to 516 in early deals higher at 8:02 a.m. London time, with all major regional bourses higher.

The ECB is widely expected to keep rates on hold this month as it grapples with stubborn inflation in the services sector.

In the UK official figures showed that wages grew at their slowest pace in nearly two years in the three months to May.

Annual pay excluding bonuses was up 5.7%, down from 6% growth in the previous three-month period. This was in line with economists’ expectations and marked the slowest pace of growth since September 2022.

Including bonuses, total earnings rose 5.7%, down from 5.9%, and also as expected.

In equity news, Getinge shares surged as the Swedish medical equipment maker posted Getinge reported better-than-expected second-quarter earnings, as its order intake grew despite long term problems with its product packaging and heart products.

Shares in Finnish telecoms group Nokia slumped after operating profit fell 32% in the second quarter due to continued weak demand for 5G telecom equipment.

Husqvarna shares fell after a decline in second quarter profits.

Reporting by Frank Prenesti for Sharecast.com