European shares steady ahead of ECB decision; FTSE 100 shines on weaker pound

European shares were little changed on Thursday after a meeting between Britain and EU leaders on a trade deal failed to yield a breakthrough, while a European Central Bank (ECB) decision due later in the day kept investors from making big bets.

The pan-European STOXX 600 index was flat, while London's FTSE 100 rose 0.5% as the pound resumed its slide.

British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen gave themselves until the end of the weekend to seal a new trade pact after failing to overcome persistent rifts at dinner on Wednesday.

Around $1 trillion in annual trade, currently free from tariffs and quotas, is at stake if there is no agreement.

Investors will also be watching for the outcome of a keenly awaited meeting of the ECB when it is expected to unveil details of promised fresh stimulus measures. The decision is due at 1245 GMT, followed by a press conference at 1330 GMT.