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Read our trending tickers for the stocks to watch today: Nvidia, UniCredit, Commerzbank, Fevertree

The European Central Bank (ECB) has cut interest rates for the second time this year, lowering its main rate to 3.5% from 3.75%. Markets had widely anticipated the 25 basis point cut, which comes after the bank lowered rates in June for the first time in five years in June.

The ECB said it's moderating its monetary policy based on updated assessment of the inflation outlook.

Last week the eurozone economic growth was revised down to 0.2%, from 0.3% initially forecast for the second quarter, in data released by statistics body Eurostat on Friday, making today's cut more likely.

The Bank of England will make its call on interest rates next week when its monetary policy committee meets on Thursday 18 September. Unlike the ECB, the BoE is widely expected to hold the interest rate at 5%. UK inflation is currently at 2.2% and GDP data published by the ONS on Wednesday points to economic growth flatlining.

UK public debt could be set to almost triple by the mid 2070s, according to a new report, mounting from less than 100% of gross domestic product (GDP) to around 270% over the next 50 years.

The Office for Budget Responsibility's (OBR) fiscal risks and sustainability report said that UK debt could be knocked into a "permanent upward trajectory" following 25 years defined by multiple economic shocks.

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Darren Jones, chief secretary to the Treasury, sa:

The latest report on the state of the UK economy makes for sobering reading this morning, particularly for those charge with fixing it.

The top line stat suggests that UK debt is set to nearly triple in the next 50 years to 270% of GDP.

When Labour took power it claimed public finances were in a worse state than the Conservative party had claimed — does this cement that?

Asian stocks tipped higher on Thursday, buoyed by inflation data and a broader tech rally.

Nvidia (NVDA)'s more than 8% gain on Wednesday in the US set the tone, while Japanese stocks gained on data that showed the heat has come out of inflation.

The corporate goods price index (CGPI) rose 2.5% in August from a year earlier, Bank of Japan (BOJ) data showed, slowing from a 3.0% gain in July. It fell short of market forecasts for a 2.8% increase.

The Nikkei (^N225) gained 3.4% by the end of the session.

Here's what the Dow, S&P 500 and Nasdaq are doing in premarket:

US stocks reversed early losses to close higher on Wednesday as investors digested an inflation report that showed consumer price increases ticked lower in August.

The benchmark S&P 500 (^GSPC) rose more than 1%, while the tech-heavy Nasdaq Composite (^IXIC) led the charge, rising almost than 2.2%. Meanwhile, the Dow Jones Industrial Average (^DJI) popped about 0.2%, or more than 100 points. Nvidia (NVDA) led the rally in tech with shares soaring over 8% as CEO Jensen Huang spoke at a Goldman Sachs conference.

Investors had been looking to August's consumer price index to lift the uncertainty around the size of the Federal Reserve's first interest-rate cut in years. The data showed headline inflation slipping to a more than three-year low. But "core" prices, which strip out the more volatile costs of food and gas, climbed 0.3% over the prior month, above the 0.2% economists had expected.

After a mixed monthly jobs report, the price data was expected to help settle the debate over whether to expect a 0.5% or 0.25% easing in the Fed's policy decision next week. And after the hotter-than-expected month-over-month increase for core inflation, traders are now favoring a smaller cut from the Fed at its meeting next week.

Hello from London. Lucy Harley-McKeown here ready to bring you the markets news of the day. We're seeing green across stock market boards the world over (apart from in Japan, where red means up).

Quarterly earnings are due from Adobe (ADBE) and Fevertree (FEVR.L).

On the economic calendar is the European Central Bank rate decision, expected at 1.15pm. The bloc is expected to cut rates to 3.5% from 3.75%. It's also jobs day in the US, with the data informing the Federal Reserve's next moves.

Let's get to it.