European stocks opened higher this morning, following their American peers as US data showed a cooling of inflation.

European stocks open higher on the final day of yet another positive week in October. Even though growth data still points to the UK entering a recession, the stocks are adding to previous sessions gains.

The main European indexes closed at a high in yesterday’s session, and the DAX led the way with gains of 3.5%, following their American peers after the release of US inflation data. Which fell more than expected in October.

This positive attitude is hoped to continue in today’s session, as reports from China’s state media released that quarantine time for foreign travellers had been cut by two days to five. Providing investors with bigger hopes that the country’s Covid policy may start to ease off more.

Over in the UK, preliminary growth data was released at 7:00 GMT which showed that its economy shrunk by 0.6% in the month of September. It also fell 0.2% in Q3.

The BoE (Bank of England) warned at last week’s policy meeting that the British economy has already entered a recession which could potentially last two years (longer than during the 2008-09 financial crisis).

Over in the US, the political war continues as Arizona and Nevada hold the key to control of the US Senate, just three days after Americans cast final ballots in the elections.

Oil prices rose in the early hours this morning, continuing with gains from the prior session. Again, due to milder data on US inflation. The boost also came from raised hopes on China’s Covid relaxation, as hopefully, soaring cases will come in lower within the world’s largest importer of crude.  

Earnings today:

• Softbank Corp is set to report an EPS of $0.38 on revenue of $11.38 billion.
• Olympus  Corp is expected to report earnings of $0.22 on revenue of $1.79 billion.
• Polestar Automotive Holding UK PLC is set to report an EPS of $0.14 on revenue of $676 million.

(Sources: investing.com, reuters.com)