European shares rise as banks lead gains

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European shares edged higher on Thursday due to rise in banks by 1.1 percent after the U.S. Federal Reserve cut interest rates.

The pan-European index rose 0.2 percent with lender-heavy Milan and Madrid outperforming.

The FTSE 100 index was 0.1 per cent lower ahead of a Bank of England monetary policy statement at 1100 GMT.

Wartsila was the worst performer on the STOXX 600 on an HSBC price target cut after the Finnish engineering group warned on 2019 profit on Wednesday.

European steel stocks ArcelorMittal, Salzgitter, Voestalpine, SSAB, Outokumpu and Thyssenkrupp declined after United States Steel’s gloomy current-quarter earnings forecast.

Peace PIAK