©Reuters. File photo: German stock index DAX graph taken on February 28, 2024 at the Stock Exchange in Frankfurt, Germany.Reuters/Staff/File Photo
(Reuters) – European stocks opened slightly higher on Thursday, led by gains in materials stocks, as investors braced for key U.S. inflation data to gauge the prospects for a global interest rate cut.
Pan-European markets rose 0.2% by 0820 GMT (8:20 a.m. Japan time), with the German index also up 0.2%, hitting a new record high.
Investors will focus on personal consumption expenditure (PCE) data for January, the US Federal Reserve’s recommended consumer price index, ahead of Friday’s release of euro zone inflation data, as well as German consumer The focus will likely be on price index (CPI) measurements.
US PCE statistics and German CPI statistics are expected to be released later in the day.
Britain’s CRH (NYSE:) expects to meet its 2023 profit target and forecast core profit growth in 2024. Building materials manufacturers rose 5.6%, outpacing the STOXX 600 index.
Beiersdorf shares fell 3.8% after the Nivea maker predicted organic sales growth would slow in 2024, following a 10.8% increase in organic sales last year.
Shares of German chip-making tools maker Extron fell 17.2% to the bottom of the STOXX 600 index, despite expectations for further revenue growth in 2024.
