European markets edge up ahead of ECB minutes and PMI data

Investors across European stock markets today witnessed modest gains with the STOXX 600 climbing by 0.2% as of 08:33 GMT, building on the momentum from a strong close in the previous session. The uptick comes as market participants brace for the release of the European Central Bank’s (ECB) meeting minutes and eagerly await key Purchasing Managers’ Index (PMI) data, which are both expected to provide deeper insights into the economic landscape and monetary policy direction.

The trading atmosphere has been notably influenced by comments from ECB’s Nagel, who highlighted in an interview with Der Spiegel that inflation benchmarks necessary for policy stabilization have not yet been achieved. This statement has further heightened anticipation for today’s ECB minutes, as investors seek clarity on future interest rate decisions amid persistent inflation concerns.

Adding to the cautious sentiment, corporate news has also swayed investor decisions. Shares of Endesa, the Spanish energy company, experienced a 2.4% decline following a downward revision of its profit forecast. Similarly, Virgin Money (LON:VM) UK saw its stock value diminish by 0.7% after reporting profits that fell short of market expectations.

As the market continues to digest these developments, all eyes remain fixed on the upcoming euro zone PMI figures, set to be published at 0900 GMT today. These figures are crucial for gauging the health of the European economy and could potentially influence future market movements.