European markets poised to rise after Fed rate reduction; Bank of England rate decision takes center stage.

European markets were set to open positively as investors processed the U.S. Federal Reserve's first interest rate reduction in four years and anticipated the Bank of England's rate determination later in the session.

According to IG data, the U.K.'s stock market saw a 69-point increase to 8,321, while Germany's stock market was 115 points higher at 18,860. France's stock market also experienced a 70-point increase to 7,522, and Italy's stock market was 350 points higher at 33,980.

Despite an initial increase in U.S. stocks following the Fed's 50 basis point interest rate cut, markets ultimately ended lower due to worries about a possible economic slowdown.

Despite the choppy trading in Asia-Pacific on Thursday following the announcement, stocks eventually rose during the session.

The Bank of England is now the focus of investor attention in Europe, with the central bank predicted to keep rates steady at 5%. Despite the Fed's jumbo rate cut, economists believe it will not affect the Bank of England's decision, which was made around lunchtime Wednesday, before the U.S. announcement.

The U.K.'s closely watched services sector continues to experience stubbornly high inflation, as shown by fresh data on Wednesday, which may prompt caution from policymakers.

On Thursday, the central bank of Norway will announce its latest interest rate decision, while British retailer Next will release its half year earnings.