Europe midday: Stocks moving higher ahead of US CPI data

(Sharecast News) - European equity markets rose to a three-week high on Thursday morning, with resources stocks providing a lift, though gains were limited ahead of some key economic data from the States later on. By 1229 BST, the Europe Stoxx 600 Index was up 0.76% at 455.59, alongside gains in the main regional indices.

Germany's Dax was up by 0.55% to 15,545.08, alongside a rise of 0.45% to 7,163.90 for the French Cac-40.

Bunds and the euro were little changed alongside while Brent crude oil futures were head by 1.06% to $86.88 a barrel on the ICE.

At 1330 BST, the U.S. Department of Labor was scheduled to publish consumer price data for the month of September.

The consensus forecast was for a one-tenth of a percentage point dip in the annual rate of increase from 3.7% in August to 3.6%.

"All eyes are on US CPI figures today for clues into the outlook for inflation and the Fed's next move," said Victoria Scholar, head of investment at Interactive Investor. "Minutes from the central bank's latest meetings suggested that interest rates look set to remain high for 'some time.'"

Meanwhile, Russ Mould, investment director at AJ Bell, said "the market is hanging on the Fed's every word to see if it believes rate hikes are no longer necessary."

Closer to home, manufacturing production and industrial output growth data in the UK missed expectations on Thursday, however UK GDP rebounded, growing 0.2% in August - in line with expectations.

Gains in Brent futures were driving advances in share prices in the oil and gas sector across Europe.

Shell, BP, TotalEnergies and Repsol were all performing well.

Mining stocks were also in favour, with Rio Tinto, Anglo American and Endeavour Mining rising in London as precious and industrial metal prices rose across the board.