European markets slightly higher after approval of U.S. Covid stimulus; ECB in focus - CNBC

LONDON — European stocks were mostly higher Thursday morning, as markets react to positive momentum stateside following the final approval of President Joe Biden's $1.9 trillion Covid relief bill.

The pan-European Stoxx 600 climbed 0.2% in early trade, with tech stocks jumping 1.5% to lead gains while banks dropped 1%.

International markets are expected to react positively after the House of Representatives passed the $1.9 trillion stimulus package, sending it to President Biden who is expected to sign the relief bill on Friday.

Read more: House passes $1.9 trillion Covid relief bill, sends it to Biden to sign

Asia-Pacific markets traded broadly higher Thursday, following a relatively strong finish on Wall Street overnight after the passing of the relief package. U.S. stock futures pointed to another positive open Thursday after the Dow jumped 464 points to a record closing high on Wednesday. 

ECB in focus

European markets will be focused on the next move by the European Central Bank, which is due to meet Thursday. ECB officials in recent weeks have reportedly described the rise in bond yields as "unwarranted tightening" and a situation that needs to be monitored closely.

Read more: Surging yields are creating problems for the ECB. And it's split on what to do

The ECB will make its latest interest rate announcement at 12:45 p.m. London time and is due to publish macroeconomic projections for the euro area at 2:30 p.m. London time.

European earnings came from Generali, Hugo Boss, Rolls-Royce, WPP, Morrisons and John Lewis Partnership.

In terms of individual share price action, France's EDF climbed more than 7% to lead the Stoxx 600 in early trade, while British housebuilder Persimmon fell 4.6% to the bottom of the index.

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