Europe open: Shares up on German GDP data

European shares rose at the open on Thursday with sentiment boosted by better-than-expected German GDP data.

The pan-European Stoxx 600 was up 0.6% in early deal. Germany's DAX increased 0.7% after official data showed the German economy expanded by 0.1% in the second quarter, beating analyst expectations.

Investors were also eyeing minutes from the European Central Bank's last policy meeting in July to be released later in the day and the Jackson Hole economic symposium in Wyoming where US Federal Reserve chief Jerome Powell will speak.

“European markets have opened on a positive note with all major bourses in the green. Focus for investors turns to the Jackson Hole economic symposium in Wyoming for clues into the outlook for US monetary policy and central bankers’ views on how to curb inflation without inducing unnecessary economic strain,” said Interactive Investor head of investment Victoria Scholar.

In equity news, building materials supplier CRH rose after a jump in half-year earnings.

Novartis gained after saying it would spin off Sandoz and list the biosimilars unit on the Swiss stock exchange to create a European generics company.

Fortum fell after the Finnish utility posted a second-quarter net loss of €7.4bn, hit by losses at its German subsidiary Uniper.

Recruiter Hays surged as it reported a jump in first-half profit thanks to an "excellent" fee performance across all regions amid a recovery from the pandemic.

Oil giants Shell and BP gushed higher as oil prices rose. Shell was also in focus after Ofgem fined the company for overcharging more than 11,000 customers paying its default tariffs.

Building materials distributor and DIY retailer Grafton however, as it posted an increase in first-half revenues but a decline in profits as activity levels normalised following the pandemic boost.

Reporting by Frank Prenesti at Sharecast.com