European stocks opened higher today, Thursday, ahead of an important inflation report from the United States that will provide indicators regarding the interest rate reduction path that the Federal Reserve may follow. Basic resources companies led the gains, with the Stoxx 600 index rising by 0.6% by 8:10 AM GMT.
Market participants are eagerly awaiting the critical inflation report from the U.S. to gauge the timing of potential interest rate cuts from the Federal Reserve, which will influence other central banks' strategies. The European technology sector index rose by 1.2%, following the gains in the Nasdaq featuring major technology stocks.
Basic resource companies saw their shares increase by 1.4%, supported by rising gold and copper prices amid a weakened dollar. Shares of VAT Group rose by 3.8% after the Swiss valve manufacturing company reported strong orders for the fourth quarter. The broader industrial goods index increased by 0.8%.
