Europe open: Stocks up on Dovish Fed as eyes turn to ECB, BoE

European stocks opened higher after dovish remarks from the US Federal Reserve on inflation prompted rallies on Wall Street and in Asia.

The pan-European Stoxx 600 index was 0.88% higher in early trade as eyes now turned to rate decisions from the European Central Bank and Bank of England.

US rates were increased by a quarter percentage point as Fed chief Jerome Powell said the central bank was making progress on tackling inflation, but more rate rises were on the way.

In equity news, Shell shares gained as the company posted a stonking $40bn annual profit on the back of surging gas prices driven themselves by the war in Ukraine.

ING shares fell despite the Dutch bank reporting better-than-expected results.

British gas owner Centrica fell after an undercover newspaper investigation found the energy company was sending debt collectors to break into the homes of vulnerable customers and force-fitting prepayment meters.

Reporting by Frank Prenesti for Sharecast.com