From Investing.com:

European stock markets experienced gains as investors assessed corporate earnings and anticipated the release of regional business activity data. At 03:05 ET, the German DAX traded 0.9% higher, the French CAC 40 traded up 0.3%, and the UK’s FTSE 100 rose 0.6%.

Investors are awaiting eurozone PMI data to gain insights into the economy before the European Central Bank meeting. Following an increase in inflation to 2.9% in December, the weak economic growth in the region has led to expectations of interest rate cuts.

The PMI data is anticipated to confirm that the important manufacturing sector remains in contraction territory in January. Additionally, Germany’s Ifo institute downgraded its 2024 economic growth forecast to 0.7% from 0.9%.

During the ongoing earnings season, ASML reported fourth-quarter earnings that exceeded expectations, resulting in over 6% rise in its shares. Barry Callebaut also reported a slight increase in sales volumes despite record-high cocoa prices.

Budget airline easyJet took a £40M hit from the Middle-East conflict but sees a reduction in first-half losses with positive booking momentum for the summer. Meanwhile, Alstom’s stock fell 0.5% after higher third-quarter sales and mentioning the possibility of a capital increase.

Oil prices steadied as traders digested mixed signals on global supply and demand, amid escalating geopolitical tensions that provided support. By 03:05 ET, WTI crude futures traded 0.5% higher at $74.73 a barrel, and Brent crude climbed 0.5% to $79.92 a barrel.

U.S. crude inventories decreased by 6.7 million barrels in the week to January 19, according to API data. However, a sustained increase in gasoline inventories and a small draw in distillate stockpiles indicated weak U.S. fuel demand due to cold weather disruptions.

Gold rose 0.2% to $2,030.55/oz, while the EUR/USD traded 0.2% higher at 1.0874.



Read more: European stocks rise on generally upbeat earnings; PMI data due By Investing.com