European Stocks Rise Thanks to Insurance Companies' Shares

European stocks rose on Thursday as investors welcomed a series of corporate earnings reports while awaiting U.S. inflation data likely to determine the Federal Reserve's monetary policy direction. The Stoxx 600 index increased by 0.4 percent by 07:07 GMT, after hitting a one-week high in the previous session. U.S. stock futures also rose ahead of data expected to show a slight increase in the Consumer Price Index (CPI) for July. The CPI is projected to rise by 0.2 percent month-over-month, similar to June's increase. Shares in the personal and household goods sector in Europe, which includes major luxury brands, climbed by 1.1 percent after China lifted restrictions on group travel for more countries due to the COVID-19 pandemic. German insurer Allianz's shares rose by 2.1 percent, while Zurich Insurance's shares gained 1.6 percent after both companies reported better-than-expected results. However, gains were limited by Siemens' stock, which fell 3.5 percent after the German engineering group missed third-quarter profit estimates. Danish pharmaceutical company Novo Nordisk's shares dropped nearly 1 percent after it announced a continued limit on supplying the U.S. with doses of its obesity treatment.