07:58 AM EDT, 10/17/2024 (MT Newswires) -- European bourses tracked moderately higher Thursday after a strong earnings report from a bellwether chipmaking colossus and ahead of a policy announcement from the European Central Bank.

The ECB is expected to cut its key policy rates by 0.25%, to be disclosed ahead of an afternoon press conference in Frankfurt.

In tech news, Taiwan Semiconductor Manufacturing (TSM) rose 8% pre-bell in New York after the chip manufacturer reported better-than-expected Q3 results and issued upbeat guidance late Tuesday.

On the continent, bank, food and oil stocks gained midday, while retail issues lagged.

Investors also eyed Wall Street futures signaling green, but lower closes overnight on Asian exchanges after a much-anticipated announcement of an enlarged Beijing stimulus program left traders underwhelmed.

In economic news, the Eurozone consumer price index in September rose 1.7% on year, while in the broader European Union the index rose by 2.1% year on year, reported Eurostat.

The pan-continental Stoxx Europe 600 Index rose 0.7% mid-session.

The Stoxx Europe 600 Technology Index was up 0.5%, and the Stoxx 600 Banks Index gained 1.1%.

The Stoxx Europe 600 Oil and Gas Index was up 0.9%, but the Stoxx 600 Europe Food and Beverage Index inclined 1.6%.

The REITE, a European REIT index, rose 0.1%, but the Stoxx Europe 600 Retail Index was steady.

On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London was up 0.4%. The CAC 40 in Paris was up 1.2%, and Spain's IBEX 35 was flat.

Yields on benchmark 10-year German bonds were higher, near 2.20%.

Front-month North Sea Brent crude-oil futures were up 0.1% to $74.32 per barrel.

The Euro Stoxx 50 volatility index was down 5.4% to 18.17, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.