Swiss National Bank surprises with 25 bps interest rate cut
PZU FY profit hits record high on banking, insurance growth
Euro zone business activity close to stabilising in March

March 21 Reuters European shares scaled recordhigh levels on Thursday, boosted by basic resourceslinked stocks and a strong risk appetite, ahead of a day packed with central bank decisions.

The panEuropean STOXX 600 index was up 0.7 as of 0906 GMT, having hit a record high of 510.07 points in opening minutes of trade.

Basic resources index led sectoral gains with a 2.7 jump, as prices of most metals climbed after the Federal Reserve maintained its projection of three rate cuts for this year, while gold soared to record highs.

Technology and ratesensitive real estate shares advanced 2.2 and 2.4 respectively, as risk appetite ramped up following Fed39;s ratecut outlook.

The catalyst for risk sentiment is really just the Fed suggesting it has greater tolerance for higher price pressures and despite the upside surprises in recent data, they are still on this path for easing, said Laura Cooper, senior macro investment strategist for iShares EMEA at BlackRock.

On the data front, French business activity shrank for a tenth consecutive month in March, while Germany39;s economic downturn eased slightly as business activity in the countrys service sector came close to stabilising.

Business activity in the overall euro zone rose to 49.9 this month from February39;s 49.2, within a whisker of…