European stocks up slightly amid assessing US inflation data

European stocks rose slightly today, Wednesday, with Credit Agricole Bank rising after announcing positive profits, while investors await US inflation data, which is likely to determine the course of expectations related to interest rate cuts in the largest economy in the world.

According to “Reuters”, the European Stoxx 600 index rose 0.1 percent by 0704 GMT.

The US CPI data, due at 1230 GMT, follows a report published last week that showed strong jobs, dampening hopes that the Federal Reserve will cut interest rates in the near term.

Credit Agricole jumped 3.8 percent after France’s second-largest listed bank beat first-quarter profit estimates, boosted by trading revenue.

While Siemens Healthineers fell 5.3 percent, as the medical device maker said it would discontinue its heart surgery robotics business after its quarterly operating profit fell by 30 percent.

Shares in Orphan Biovitram fell 15.3 percent, becoming the top loser on the Stoxx 600 index, after the Swedish drugmaker said it had agreed to make a $1.7 billion bid for US-based CTI Biopharma.