FX.co ★ European Stocks Set for Higher Open

European equity markets were set to open higher on Thursday, supported by softer US inflation data that tempered expectations of an imminent Federal Reserve interest rate hike. Still, sentiment remained cautious as a global selloff in semiconductor stocks continued, driven by ongoing doubts about the durability of the artificial intelligence rally. In Europe, data showed the UK economy grew 0.1% month-on-month in May, recovering from a 0.1% decline in April and in line with market forecasts. On the corporate side, investors were focused on upcoming earnings releases from ABB Group and Publicis Groupe. In premarket trading, Euro Stoxx 50 futures were up 0.4%, while Stoxx 600 futures added 0.1%.