Stocks in Europe to open slightly higher following data from the US. Though investors await the outcome of the BoE policy meeting.

European stock markets are anticipated to begin higher on Thursday as investors absorb the latest inflation numbers from the United States ahead of the current BoE policy-setting meeting.

Stats released Wednesday revealed that consumer prices in the United States climbed at a slower-than-expected rate in April, bolstering expectations that the Fed's interest-hiking cycle is nearing an end.

This led the Nasdaq to finish 1% higher on Wall Street on Wednesday, and strong momentum is anticipated to spread to the European market on Today.

However, gains are likely to be restricted by softer-than-expected Chinese inflation statistics, which pointed to a faltering economic recovery in Asia's largest economy and a key export market for Europe's greatest corporations.

Later in the morning, the Bank of England holds its monthly policy-setting meeting, with officials likely to authorise a 12th straight rate hike as U.K. inflation remained in double digits, the highest of any major country.

Today's important earnings include ITV, Bayer, Deutsche Telekom, RWE, and Prada.

Oil prices surged Thursday, reversing previous losses on stronger-than-expected gasoline demand figures from the US, the world's largest user of oil.

The EIA said that oil stocks in the United States increased by about 3 million barrels last week.

However, petrol stockpiles declined by 3.2 million barrels, far more than the 1.2 million predicted, while U.S. jet fuel consumption surged to its highest level since December 2019, indicating that demand for transportation fuels remains strong in the United States.

(investing.com, reuters.com)