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Bank of England in the City of London as economists and mortgage holders await this week's interest rate announcement on 28th July 2024 in London, United Kingdom.

LONDON — European markets opened higher Thursday as investors digested the U.S. Federal Reserve's first interest rate cut in four years and looked ahead to the Bank of England's rate decision later in the session.

The pan-European Stoxx 600 index was up 1% in opening trade, with all major bourses and virtually all sectors in the green. Mining stocks added 2% while telecoms were the sole outlier, down 0.36%.

Retail stocks surged 2.17%, led by gains for British retailer Next , which added 5.8% after saying it was on track to make almost £1 billion ($1.32 billion) in annual profits following an uptick in first-half sales.

U.S. stocks initially jumped after the Fed announced a jumbo 50 basis point cut to interest rates, bringing its target range to 4.75% to 5.00%. However, markets ultimately closed lower amid concerns of a potential economic downturn. U.S. futures were seen lower overnight.

Trading in Asia-Pacific Thursday was choppy following the announcement, but stocks ultimately rose during Thursday's session.

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