European stock markets open higher!

Following the opening, the Stoxx Europe 600 index is trading at 486 points with a 0.5 percent increase, while Germany's DAX 40 index is up 0.7 percent at 16,978 points.

In the UK, the FTSE 100 index is up 0.4 percent at 7,649 points, Italy's MIB 30 index is down 0.1 percent at 30,730 points, Spain's IBEX 35 index is up 0.3 percent at 10,042 points, and France's CAC 40 index is up 0.5 percent at 7,624 points.

The euro/dollar parity is currently trading at 1.0890, up 0.1 percent from the previous close.

Analysts stated that global equity markets are following a mixed trend due to the possibility that the US Federal Reserve (Fed) may begin interest rate cuts later than anticipated, adding that the non-farm payroll data to be released in the US today is expected to influence market direction.

Yesterday, the Bank of England (BoE) kept its policy rate unchanged at 5.25 percent, the highest level in 15 years, in line with expectations.

In his statement following the meeting, BoE Governor Andrew Bailey noted that the Bank is not yet at a point where it can take steps to cut policy rates and that he does not wish to speculate on interest rate cuts.

In the Eurozone, the increase in the Consumer Price Index (CPI) slowed to 2.8 percent on an annual basis in January.

Following this data, markets have begun pricing in a 92 percent probability that the European Central Bank (ECB) could begin interest rate cuts in April.

Analysts noted that in addition to the non-farm payroll data in the US today, the University of Michigan consumer confidence index and factory orders data will also be in focus.

News Source: 12punto