European Stocks Higher as Traders Look Ahead to ECB Update

European equity benchmarks were mainly higher in early trade on Thursday with automobile manufacturers among the biggest gainers while energy companies also advanced as oil prices gained traction.

Traders were also awaiting the latest update from the European Central Bank, which is due to convene a monetary policy meeting today, and which is likely to be scoured for clues about timing of changes to the bank's bond-buying program.

Oil prices were fractionally higher ahead of the release of the Energy Information Administration's ( EIA ) weekly inventory data. West Texas Intermediate crude oil futures were 0.2% higher at $49.27 per barrel while Brent crude futures were up by 0.6% at $54.51 per barrel.

In equities, Micro Focus International, a global software company, was 4.1% higher on London's FTSE 100 Index, Direct Line Insurance Group, a personal and small business general insurer, was up by 3.8% and Imperial Brands, a fast-moving consumer goods company, was 3.2% higher. Standard Life Aberdeen, a global investment company, was 0.5% higher.

On Frankfurt's DAX, RWE, a supplier of electricity and natural gas, was 2.7% higher, E.ON, an energy company, was up by 1.5%, automobile manufacturers BMW and Daimler, were 1.1% and 0.8% higher, respectively. And, on Paris' CAC-40, Engie, a natural gas and electricity supplier, was 2.1% higher, Valeo, an automotive supplier, was up by 1.1%, Peugeot, a car-maker, was 1.0% higher and Essilor International, an ophthalmic optics company, was 0.9% higher.

The pan-European Stoxx 600 Index was 0.07% lower, London's FTSE 100 Index was up by 0.02%, Frankfurt's DAX was 0.54% higher and Paris' CAC-40 was up by 0.18% at the time of writing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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