European stocks rise supported by strong earnings, eyes focus on US inflation data

European stocks rose in early trading on Tuesday, supported by strong corporate profits, while investors awaited important US inflation data to obtain more evidence about the Federal Reserve (US central bank) reducing interest rates.

According to Reuters, the European Stoxx 600 index rose 0.4% by 0812 GMT, approaching a record peak it reached last week.

Oil and gas-related stocks led sector gains with a jump of about 1 percent due to higher crude oil prices, as geopolitical tensions in the Middle East continue to raise concerns about supplies.

Later on Tuesday, markets will be dominated by the US CPI report for February.

Oracle’s shares, listed on the Frankfurt Stock Exchange, rose 5.6 percent after the American company exceeded quarterly profit estimates, and is preparing to issue a joint announcement with the chip giant NVIDIA.

German Porsche expects profitability to decline in 2024 as the luxury car maker focuses on launching four new models, which led to a 2.1 percent drop in its shares. The automotive and spare parts sector index fell 0.3%.