This is CNBC's live blog covering European markets.

European markets moved higher at the start of the session, as regional investors await this year's final monetary policy decision from the European Central Bank (ECB).

The pan-European Stoxx 600 index was up 0.14% with all major bourses and most sectors trading in the green. Oil and gas stocks added 0.92%, while media stocks dipped 0.28%.

The central bank is heading for its final interest rate cut of the year on Thursday, with economists expecting a 25-basis-point rate cut rather than the "jumbo" 50-basis-point move that was previously expected. The ECB is also due to release its quarterly macroeconomic projections on growth and inflation.

The Swiss National Bank is also due to announce its latest monetary policy decision Thursday.

It comes as traders continue to digest the latest inflation data out of the U.S. The figures showed that consumer prices rose 0.3% month on month and grew at a 12-month rate of 2.7%, in line with economists' estimates.

The producer price index report is due Thursday. The prints mark the last major economic data releases before the Federal Reserve's policy meeting next week.

Traders are still betting that the Fed will cut rates; Fed funds futures are pricing in a more-than 98% likelihood that the central bank lowers rates at that meeting, according to CME's FedWatch Tool.

Overnight, Asia-Pacific markets were mostly higher following post-inflation data gains on Wall Street that saw the Nasdaq Composite top the 20,000 threshold, posting an all-time high and a closing record. U.S. stock futures slid Thursday morning.

European markets open higher

European markets opened higher on Thursday, as regional investors await the last monetary policy decision from the European Central Bank (ECB) this year.

The pan-European Stoxx 600 index was up 0.14%, with all major bourses and most sectors trading in the green. Oil and gas stocks added 0.92% while media stocks dipped 0.28%.

The U.K.'s FTSE 100 index was 0.14% higher at 8,313, Germany's DAX up 0.23% at 20,444, France's CAC 0.4% higher at 7,451 and Italy's FTSE MIB up 0.51% higher at 34,912.

— Karen Gilchrist

ECB set to poise Europe for growth in 2025 with cut and move signals, Goldman Sachs says

The European Central Bank is set to cut rates by 25 basis points on Thursday and signal further reductions to come, teeing up Europe for stronger economic growth in 2025, according to Goldman Sachs.

"We do think the ECB will go gradually ... but I do think there's going to be some acknowledgement today that rates are headed into a lower direction," Chief European Economist Jari Stehn told CNBC ahead of the decision.

"Lower rates will help somewhat with savings and boosting consumer spending, and that is one reason why we do think Europe will grow next year," he added.

CNBC Pro: Analysts have hiked price targets on these 5 stocks ahead of earnings next month

Analysts have hiked price targets on these 5 stocks ahead of earnings next month

At least ten Wall Street analysts have turned bullish on four of those five stocks ahead of their quarterly earnings reports.

CNBC Pro subscribers can read more here.

— Ganesh Rao

European markets: Here are the opening calls

European markets are expected to open in mixed territory Thursday.

The U.K.'s FTSE 100 index is expected to open 10 points higher at 8,308, Germany's DAX down 12 points at 20,398, France's CAC up 11 points at 7,437 and Italy's FTSE MIB up 67 points at 34,787, according to data from IG.

The European Central Bank and Swiss National Bank both announce monetary policy decisions today. No major earnings are expected.

— Holly Ellyatt