Europe open: Investors play it safe ahead of key risk events

As of 0928 BST the benchmark Stoxx 600 was edging higher by 0.03% to 389.28, alongside gains of 0.20% for the German Dax to 12,698.98.

Italy's FTSE Mibtel on the other hand was off by 0.25% to 20,688.04.

Key for European markets, investors were waiting to see if in his press conference at 1330 BST European Central Bank governor Mario Draghi would sound a more balanced note regarding the balance of risks facing the bloc's economy.

Economists at Barclays expected Draghi to do just that; however, the day before Bloomberg cited European officials according to whom the ECB was set to lower its inflation projections, which appeared to run counter to the possibility of the ECB adopting a more balanced approach.

Soon afterwards, at 1500 BST, former US FBI James Comey was set to testify before a Senate panel.

In written testimony submitted the day before, analysts said Comey had not made any revelations that were not already in the public domain.

"Even so, while there was nothing in the written answers that doesn’t mean that something won’t come out when Comey is questioned later today," said Michael Hewson, chief market analyst at CMC Markets UK.

Lastly, overnight investors would be keeping tabs on the newsflow around the UK elections, although a definitive result might not known until the early hours of the next day.

Thursday's main economic releases pleased investors.

Figures on German industrial output easily outpaced forecasts, leading Capital Economics to reiterate its forecast for the pace of economic expansion to accelerate to roughly 2.5% for 2017 as a whole.

German industrial production grew by 0.8% on the month in April, easily outpacing forecasts for growth of 0.5% month-on-month 2.1% year-on-year. The data came alongside upwards revisions to figures for the month before.

France's trade shortfall with the rest of the world came in at -€5.5bn for April, versus -€4.8bn for March and a consensus estimate of -€6.0bn.

Allianz is studying purchasing the stake it does not already own of French trade credit insurer Euler Hermes Group, Bloomberg reported.

Bain Capital and Cinven lowered the minimum acceptance threshold for their takeover of Germany's Stada to 67.5%, while extending the acceptance period until 22 June.

Heidelberger Druckmaschinen told markets to expect operating profit margins for its 2017/2018 fiscal years of between 7% and 7.5%, with sales at the prior year level.