European Shares Seen Opening Tad Lower As Investors Await More US Data

(RTTNews) - European stocks may open slightly lower on Thursday as investors look for more clarity on whether the Fed will make its first rate cut this year in either June or July.

The U.S. producer price inflation data for February due out later in the day along with other reports on weekly jobless claims and retail sales may shed additional light on the outlook for interest rates.

Remarks by several European Central Bank officials may also sway sentiment as the day progresses.

Asian markets traded mixed, with Japan's Nikkei rebounding slightly after three days of losses on speculation over a potential policy pivot from the Bank of Japan next week.

Gold ticked lower on a firmer dollar as U.S. Treasury yields climbed ahead of next week's FOMC meeting.

The Fed is likely to hold rates steady at its policy meeting next week, but the 'dot plot' projections may signal future interest rate moves.

Oil extended gains after rallying nearly 3 percent to a four-month high on Wednesday, benefiting from Ukrainian attacks on Russian refineries and data showing an unexpected draw in U.S. inventories.

U.S. stocks ended mostly lower overnight as investors booked profits in chipmaker stocks and awaited cues from next week's FOMC meeting. Also, oil prices jumped to a four-month high, reviving inflation concerns.

The tech-heavy Nasdaq Composite gave up half a percent and the S&P 500 shed 0.2 percent while the Dow inched up marginally to extend gains for the third consecutive session.

European stocks closed broadly higher on Wednesday as new data signalled the British economy could be on its way out of recession. The pan European STOXX 600 gained 0.2 percent. France' CAC 40 rose 0.6 percent and the U.K.'s FTSE 100 added 0.3 percent while the German DAX ended flat with a negative bias.