Europe opens higher, hopes for slowing US inflation

Europe opens higher, hopes for slowing US inflation
Europe opens higher, hopes for slowing US inflation

July 11 (Reuters) – Major European stocks rose in early trading on Thursday, ahead of U.S. inflation data later in the day, which is expected to support expectations that the Federal Reserve will cut interest rates in September.

In Paris, the CAC 40 gained 0.17% to 7,586.48 points at around 07:24 GMT. In Frankfurt, the Dax advanced 0.18% and in London, the FTSE 100 rose 0.05%.

The EuroStoxx 50 index is up 0.22%, the FTSEurofirst 300 is up 0.19% and the Stoxx 600 is up 0.18%.

Markets remain optimistic, following Wall Street’s lead, buoyed by hopes of an imminent drop in borrowing costs, while the institution’s chairman, Jerome Powell, reiterated on Wednesday that “more good data” would allow the central bank to ease its monetary policy.

The publication of US inflation data for June, scheduled for 12:30 GMT, will therefore be closely watched, with investors seeking confirmation of the slowdown in prices.

In the eurozone, the harmonised consumer price index (HICP) stood at 2.5% over one year in June in Germany, according to data published on Thursday, which confirms the first estimate.

In stocks, DNB, Norway’s largest bank, gained 4.8% after reporting higher-than-expected quarterly profit.

Swiss chocolate maker Barry Callebaut, which reported results for the nine months ending in May on Thursday, fell 7.6%. (Writing by Diana Mandiá, editing by Augustin Turpin)

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