Europe open: Shares open higher on US inflation hopes; Kingspan surges

European shares opened higher on Tuesday on the back of a strong finish on Wall Street overnight. amid hopes that US data could show inflation slowing.

The pan-European Stoxx 600 index was up 0.35% in early deals with all major bourses higher. US futures were also up ahead of domestic inflation data on Wednesday that could signal a further moderation in price pressures and boost hopes for an end to the Federal Reserve's tightening cycle.

In economic news, the rise in German inflation last month was confirmed by the statistics office, breaking a run of declines.

Oil prices edged higher as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Prices had eased 1% on Monday on higher expectations that further U.S. interest rate hikes are coming and as investors booked profits after last week's 4.5% rise.

In equity news, Daimler Truck shares rose as the company raised its profit and revenue guidance due to an easing of supply chain constraints and stronger demand in its core markets.

Chip company Nordic Semi fell after half-year results. Commercial property firm British Land gained as it said it was performing strongly despite the weak UK economy.

Energy firm Centrica edged ahead after signing a massive $8bn LNG supply agreement.

Shares in Kingspan surged as the building insulation giant said it was expecting to post a “record” profit for the first half of 2023.

Reporting by Frank Prenesti for Sharecast.com