U.S. consumer pricing data and further quarterly profits are set for publication on Thursday.

As important U.S. consumer pricing data and further quarterly profits are set for publication on Thursday, European stock markets are anticipated to start the day slightly higher.

European stocks are off to a good start in the new year, with Britain's blue-chip stock index, the FTSE 100, taking the lead and trading close to a record high.

Retailers seem to be turning the turnaround after a difficult 2022, as seen by reasonably robust performances by brands like Next and JD Sports Fashion.

Tesco, Marks & Spencer, ASOS, and Persimmon all have quarterly reports set for this Thursday. Investors will be watching to see if these strong results can hold up against the challenging background created by a cost-of-living crisis, rising inflation, and a wave of strike action.

The only noteworthy economic data anticipated for Thursday in Europe is the December U.S. consumer price index, which will be released later in the afternoon.

Investors had anticipated that the Federal Reserve will limit the rate of interest rate increases at its upcoming meeting in early February, but policymakers have been adamant that such a decision is reliant on evidence. In light of this, the consumer price index will serve as a crucial indicator of their success in containing inflation.

The headline number is anticipated to increase by 6.5% from a year ago, slowing from the preceding month's 7.1% rate. The projected rate of inflation for the month is zero. The core CPI, which does not include prices for food and fuel, is predicted to come in at 5.7%, up from 6% the month before, and at 0.3% on a monthly basis, up from 0.2% in November.

In addition, Chinese CPI inflation rose a little more than anticipated in December, according to data released earlier on Thursday, although pricing pressures were still muted as the nation battled a serious COVID epidemic.

Furthermore, despite a significant increase in U.S. crude stockpiles, oil prices were relatively stable on Thursday due to growing confidence in China's demand prospects.

According to statistics from the Energy Information Administration, the United States oil stockpiles increased by 18 million barrels last week, which is the largest increase since February 2021.

As a result of the severe cold snap that severely limited the refining capacity in the U.S. Gulf Coast, this has, however, had little effect.

(investing.com, reuters.com)