European shares rise on boost from tech, resources sectors
Corrects paragraph 13 to clarify UniCredit paid 702 million euros for a 4.5% stake in Commerzbank, not the entire 9% stake
STOXX 600 up 0.2%
Britain's economy showed no growth on a month-on-month basis
Commerzbank surges after Unicredit bought 9% stake
By Pranav Kashyap
Sept 11 (Reuters) -European shares opened higher on Wednesday, boosted by the tech and basic resources sectors, while investors awaited a key U.S. inflation reading for clues on the Federal Reserve's interest rate decision next week.
The pan-European STOXX 600 index .STOXX was up 0.2%. All regional indexes were trading in the green.
Heavy-weight ASML Holding's ASML.AS 3.8% gain caused the technology sector SX8P to rise 1.4%.
Basic resources .SXPP also provided support, gaining 1.2%, as copper prices rose on a softer U.S. dollar. MET/L
Britain's benchmark FTSE 100 .FTSE ticked up 0.4% after estimates of GDP data showed the UK's economic output showed no change in month-on-month terms in July.
With only a handful of economic data out of Europe, investors are laser focused on U.S. consumer price figures set to drop at 1230 GMT.
Traders anticipate the Fed will cut interest rates at its meeting next week. However, there is some uncertainty regarding the extent of the rate cut. There is a 33% probability of a 50-basis-point cut.
Global investors approached the markets with caution following the first debate between U.S. presidential candidates Kamala Harris and Donald Trump, which took place overnight. The debate lacked specific details, but betting markets shifted in favour of Harris after the event.
"Investors are trying to grapple with an elevated degree of uncertainty. We're going to see greater bouts of volatility heading into that November election until it becomes clear on the policy front," Laura Cooper, global investment strategist at Nuveen.
Markets also have on their radar, comments from European Central Bank board member Elizabeth McCaul and the central bank's supervisor Claudia Buch due later in the day.
The European Central Bank that meets in less than 24 hours is expected to cut interest rates by 25 basis points.
"Markets are going to take cues from Christine Lagarde's press conference where she will want to keep that flexibility open instead having a predetermined target level," Nuveen's Cooper said.
Commerzbank CBKG.DE surged nearly 16%, after Italy's UniCredit CRDI.MI bought a 9% stake in the German lender, of which 4.5% was bought from the German government for 702 million euros ($775.29 million).
Rentokil RTO.L slumped 18.5%, after the British pest control firm flagged a slowdown in its North American revenue and said it would cut jobs.
Inditex ITX.MC rose 4.2%, lifting the retail sector .SXRP to the top, after the Zara owner reported stronger recent sales of its first autumn-winter collections.
Reporting by Pranav Kashyap in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala
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