European stocks rose slightly on Thursday, as investors cautiously awaited the European Central Bank’s (ECB) monetary policy decision and key U.S. inflation data due later in the day.
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The pan-European Stoxx 600 index edged up 0.1% to 553.03 points by 07:11 GMT, supported by a 0.5% gain in personal and household goods stocks.
The sector received a boost from Kering, the owner of the Gucci brand, whose shares climbed 1.5% after the group announced it would not complete the full acquisition of Italian fashion label Valentino before 2028 at the earliest — delaying an expensive deal that had weighed on the debt-laden company.
Investors are awaiting the ECB’s rate decision at 12:15 GMT, with most economists expecting borrowing costs to remain unchanged. Markets will closely watch President Christine Lagarde’s remarks for clues on how Europe’s trade and political tensions may influence the outlook for further monetary easing.
Shares in Germany’s Covestro jumped 6.3% after a Reuters report said that Abu Dhabi National Oil Company (ADNOC) was preparing to make concessions to address an EU subsidy probe into its €14.7 billion ($17.19 billion) takeover bid.
Later in the session, investor focus will shift to U.S. consumer inflation data. Economists expect prices to have risen in August, though they believe this will not prevent the Federal Reserve from delivering an anticipated interest rate cut next week.
— (Reuters)
