LONDON — European stocks are expected to open higher on Thursday with investors around the world reflecting on the latest inflation data and earnings out of the U.S.

The U.K.’s FTSE index is expected to open 32 points higher at 7,175, Germany’s DAX 53 points higher at 15,303, France’s CAC 40 up 32 points at 6,631and Italy’s FTSE MIB 123 points higher at 25,777, according to data from IG.

Global markets are digesting the latest U.S. inflation data which rose higher than expected in September, increasing pressure on the U.S. Federal Reserve to raise rates sooner rather than later.

The U.S. consumer price index jumped 0.4% in September from the month prior and 5.4% year over year, the Labor Department reported Wednesday. Economists expected to see a month-to-month increase of 0.3% or annualized rate of 5.3%, according to Dow Jones.

Minutes released Wednesday afternoon from the Federal Open Market Committee’s September meeting showed the central bank could begin tapering its asset-purchase program as soon as mid-November.

Also in focus is the third-quarter earnings season which kicked off on Wednesday with JPMorgan Chase; the bank reported that quarterly profit topped expectations following a boost from better-than-expected loan losses. Bank of America, Citigroup, Morgan Stanley and Wells Fargo are all scheduled to report earnings before the bell Thursday.

In Asia-Pacific overnight, stocks were mostly higher as investors reacted to the release of Chinese inflation data for September which showed the producer price index for September soared 10.7% compared to a year ago, slightly above expectations in a Reuters poll for a 10.5% increase. U.S. stock futures were little changed Wednesday night.

Looking ahead to CNBC’s coverage on Thursday, Russian Energy Week continues and we will be interviewing Russian Deputy Prime Minister Alexander Novak, who was the former energy minister, later this morning.

On Wednesday, CNBC hosted a panel with Russian President Vladimir Putin and the CEOs of BP, TotalEnergies, ExxonMobil and Daimler with topics ranging from gas to geopolitics.

Putin told CNBC that Europe’s energy crisis was largely of its own making and said Russia was ready to boost supplies to the region, if asked.

Earnings in Europe come from Publicis and Ocado on Thursday with data releases including Swiss producer prices and Spanish final inflation data for September.

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