European stocks up ahead of inflation data release in Eurozone

According to “Reuters”, the European Stoxx 600 index rose 0.5 percent by 0707 GMT, after a lackluster trading session the previous day, as a jump in oil prices fueled inflation fears.

Oil and gas stocks extended gains and their index added 0.3 percent after recording its biggest one-day increase since November on Monday.

On Tuesday, investors will await the release of producer price data in the euro area for February, which is expected to show contraction in prices in February on a monthly basis.

L’Oreal shares rose 0.5 percent after the cosmetics group concluded an agreement with Brazilian Natura to buy its Australian subsidiary, Aesop, at a value of $ 2.53 billion.

Bayer shares rose 0.6 percent after a Delaware judge dismissed a lawsuit by Merck that sought to hold Bayer liable in the talcum powder case based on its purchase of Merck’s customer care unit in 2014.