Europe open: Stocks track upbeat sessions in the US and Asia

European stocks rose in early trade, taking their cue from upbeat sessions in the US and Asia.

“US futures and European markets are trading higher this morning as the positive momentum from Wall Street is making investors more confident in holding riskier assets,” said Naeem Aslam, chief market analyst at Ava Trade.

“This is on the back of optimism that the Fed will stay accommodative with their monetary policy and will not rush to raise the interest rate irrespective of their economic data. The US core CPI data did show some sign of stability yesterday, but the US Philly Fed manufacturing number was below expectations. This has made traders increase their long bets and hence, we had the best closing for the Dow and the S&P index yesterday since August.”

At 0850 BST, the benchmark Stoxx Europe 600 index was up 0.8%, Germany’s DAX was 0.6% higher and France’s CAC 40 was up 0.5%.

On the corporate front, retailer Carrefour rallied after posting a jump in third-quarter revenue thanks to growth in key European markets.

Remy Cointreau nudged higher after the French drinks maker's second-quarter organic sales came in better than expected.

Vodafone edged higher after striking an agreement to extend its strategic partnership with Russian mobile group MTS and expand its scope in Ukraine.

British American Tobacco was a touch higher after saying it has purchased the final necessary number of shares in Brazilian subsidiary Souza Cruz, to enable tit to take the company private in coming months.

Miner Rio Tinto nudged higher as it reported an increase in production in most areas, although there were further declines in copper production.

On the downside, Swiss food company Nestle slumped after cutting its full year outlook.

AstraZeneca slipped into the red after the pharmaceuticals giant said the US Food and Drug Administration has asked for more clinical data to support its application for a new drug to treat type 2 diabetes.

Still to come on the macroeconomic front, Eurozone trade balance and inflation figures are at 1000 BST. In the US, industrial production, is due at 1415 BST, while University of Michigan consumer confidence s at 1500 BST.