European markets head for positive open following upbeat trade in Asia-Pacific

  • European stocks are expected to open moderately higher on Thursday with markets set to follow an upbeat tone set in Asia-Pacific overnight.
  • London's FTSE is seen opening 12 points higher at 7,109, Germany's DAX is seen 21 points higher at 15,607, France's CAC 40 up 4 points at 6,520 and Italy's FTSE MIB 11 points higher at 25,350, according to IG.

European stocks are expected to open moderately higher on Thursday with markets set to follow an upbeat tone set in Asia-Pacific overnight.

London's FTSE is seen opening 12 points higher at 7,109, Germany's DAX is seen 21 points higher at 15,607, France's CAC 40 up 4 points at 6,520 and Italy's FTSE MIB up 11 points higher at 25,350, according to IG.

Positive sentiment in European markets comes after shares in Asia-Pacific were mostly higher in overnight trade, as investors reacted to data releases in Australia showing positive retail sales growth and the latest economic data of China.

A private survey released Thursday showed slowing Chinese services activity growth in May. The Caixin/Markit services Purchasing Managers' Index for May came in at 55.1 on Thursday, lower than the reading of 56.3 in April. Still, was well above the 50 level that separates expansion from contraction.

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Meanwhile, U.S. stock futures were flat early Thursday morning, following a quiet day of trading on Wednesday.

The market, focused on the link between inflation pressures and the reopening of U.S. businesses, is likely to be on tenterhooks before the release of the jobs report Friday, which is likely to show an additional 671,000 nonfarm payrolls in May, compared to the 266,000 jobs that were added the month before, according to economists polled by Dow Jones.

There are no major new data releases in Europe Thursday.

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– CNBC's Tanaya Macheel and Eustance Huang contributed to this market report.

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