Europe midday: Stocks in the black to snap losing streak

European stocks edged higher on Thursday following four downbeat sessions, as investors digested the Federal Reserve meeting minutes that showed policymakers were in no hurry to hike interest rates.

At midday, the benchmark Stoxx Europe 600 index was up 0.6%, Germany’s DAX was 0.5% higher and France’s CAC 40 was 0.2% firmer.

At the same time, oil prices were mixed. West Texas Intermediate was up 0.3% at $46.92 a barrel and Brent crude was down 0.3% at $49.68.

Minutes from the Fed’s 26-27 July policy meeting released on Wednesday showed a continued reluctance to jump to any conclusions about the state of the economy.

Policymakers were divided on the pace of rate hikes needed, meaning a September move is unlikely.

The minutes stated that, regarding the near-term outlook, members of the Federal Open Markets Committee "generally agreed that the prompt recovery in financial markets following the Brexit vote and the pickup in job gains in June had alleviated two key uncertainties about the outlook that they had faced at the time of the June meeting”.

Lee Wild, head of equity strategy at stockbroker Interactive Investor, said while America's economy is growing it was "hardly shooting the lights out".

"It's why Federal Reserve chiefs remain split on raising interest rates any time soon, according to minutes from the policymaker's latest meeting released overnight. That means less likelihood of a US rate hike in September, which underpins equity markets still trading only a short stroll from record highs.”

In corporate news, Vestas Wind Systems surged after its second-quarter numbers beat expectations and the company lifted its full-year forecasts.

Nestle nudged just a touch higher after reporting a drop in first-half profit.

Fresnillo gained ground as it said the milling plant at its San Julián milling facility has successfully begun processing ore and operations at the leaching plant were confirmed as having run "normally" for a week.

B&Q owner Kingfisher rose as it said sales slowed only slightly in the second quarter.

On the data front, figures from Eurostat confirmed annual inflation in the eurozone at 0.2% for July.

This was up from 0.1% in June and unchanged from July of last year, but still below the European Central Bank’s target of just under 2%.

On the month, however, prices were down 0.6%, which was steeper than the 0.5% forecast and the previous month’s 0.2% increase.

Core inflation, which excludes unprocessed food and energy, was unchanged at 0.8% last month, in line with estimates. Excluding energy, food, alcohol and tobacco products, inflation was unchanged at 0.9%, also in line.

Energy prices declined by 6.7% following a 6.4% annual drop in June. On the month, they were down 1%.

Unprocessed food prices rose 2.9% on the year in July, up sharply from 1.5% in June, while services prices were up 1.2% on the year.

Still to come, US initial jobless claims and the Philadelphia Fed survey are at 1330 BST, while leading indicators are at 1500 BST.