(Reuters] – European stocks surged on Thursday following a positive outlook for the U.S. economy. Investors turned to the European Central Bank as they sought out its policy update.

By 0813 GMT, the pan-European index had risen 1.4%, marking its highest day in more than a week. Tech and energy were leading the gains.

Wednesday’s announcement by the Fed was a welcome sign that it has ended its long-running pandemic-era bond purchase program in March. It also indicated three possible rate rises for 2022.

Later in the day, the Bank of England and the ECB will hold their policy meetings. ECB officials will likely draw down the Pandemic Emergency Purchase Programme of the Bank, however investors still need to see how the Asset Purchase Programme (six-years-old) might pick up with rates rising.

Individual stocks saw a 3.3% jump in Novartis AG (Swiss Pharma Company), after it launched a new share purchaseback up to $15B to be done by the end 2023.

Airbus SE (OTC) rose 3.3% following Australia’s Qantas Airways Ltd choosing the European planemaker to replace their domestic fleet. This was in addition to switching from Boeing (NYSE :).