European Stocks Surge Amid Central Bank Decisions and Political Turmoil

European stocks saw an uptick, driven by gains in banks and resources. The STOXX 600 rose 0.3%, with base metal prices lifting the basic resources index by 1.7%. The Bank of England and Federal Reserve's policy decisions were pivotal, as German politics faced upheaval with a snap election on the horizon.

European stocks experienced gains on Thursday, primarily driven by rises in the banking and resource sectors. Investors focused on anticipated policy outcomes from major central banks, including the Bank of England and the Federal Reserve, both scheduled for later in the day.

The STOXX 600 index saw a rise of 0.3% by 0810 GMT, largely supported by a 1.7% uptick in the basic resources index, as base metal prices showed signs of recovery. ArcelorMittal, the world's second-largest steelmaker, reported better-than-expected core profits for the third quarter, leading to a rise in its stock by 2.5%.

Meanwhile, Eurozone banks appreciated by 1.1%, driven by Banco BPM's announcement of a bid for full control of Anima Holding, in a deal potentially valued at 1.6 billion euros. Later, political turmoil unfolded in Germany, with Chancellor Olaf Scholz dismissing his finance minister, a move that set the stage for a snap election, creating uncertainties in Europe's largest economy.

(With inputs from agencies.)