(Bloomberg) — European stocks fluctuated as technology shares added to Wednesday’s drop and as investors await an interest-rate decision from the European Central Bank.

The Stoxx 600 was up 0.4% by 10:20 a.m. in London, led by the auto and media sectors. Travel and leisure stocks were the biggest laggards after United Airlines Holdings Inc.’s results failed to meet investor expectations. Technology shares also trailed but pared some of their worst declines, after Wednesday’s slump prompted by concerns over the prospect of more severe US restrictions on the sector. 

Shares in Europe’s tech sector gained support from Taiwan Semiconductor Manufacturing Co.’s positive earnings update. The world’s largest maker of advanced chips beat lofty analyst estimates on Thursday, thanks to growing AI investment around the world.

Meanwhile, European earnings continued to roll in. Volvo AB rose after it reported better-than-expected profits for the second quarter. Nokia Oyj slumped as sales missed analyst estimates in the second quarter. Publicis SA rose after the advertising agency boosted full-year organic sales growth guidance.

The ECB is expected to keep interest rates steady following last month’s initial cut, with the main focus being on any sign President Christine Lagarde could give on the path ahead for September meeting. She’ll address journalists at 2:45 p.m. in Frankfurt — 30 minutes after the ECB’s policy announcement. 

“Today’s ECB meeting should be a transitional one and Lagarde is expected to reiterate they are data-dependent,” said Ricardo Gil, deputy CIO at Trea Asset Management. “The rotation has started as the economic cycle is changing so we are favoring a more defensive positioning such as utilities.”

Investors have also been following China’s Third Plenum, the country’s Communist Party meeting. President Xi Jinping said in a statement the country will push ahead with its pursuit of high-quality development.

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–With assistance from Michael Msika and Farah Elbahrawy.

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