European stocks open stable ahead of important economic data

European stocks opened flat on Friday, as a rise in energy stocks was met with caution from investors ahead of important economic data from the euro zone and the United States.

The European STOXX 600 index was stable by 0816 GMT after closing at a record high on Thursday. The index is heading towards achieving gains for the seventh consecutive week.

Shares of the oil and gas sector rose 0.7% thanks to the rise in crude oil prices, supported by demand growth in the United States and China, the largest consumers in the world.

On the data front, revised fourth-quarter GDP numbers for the euro zone are scheduled to be released at 1000 GMT, while investors are also eyeing US non-farm payrolls data for February.

On the corporate level, British packaging company Mundi’s shares lost 3.2%, while DS Smith’s shares jumped 5.7% to rise to the top of the STOXX 600 index after the former offered to buy the latter for $6.58 billion.

European Central Bank Governing Council member François Villoroi de Gallo said that interest rates will be cut this spring, “from April until June 21,” which boosted market sentiment.