European Shares Seen Opening On Steady Note

(RTTNews) - European stocks are seen opening a tag higher on Thursday after the July FOMC meeting minutes didn't outline any preference for a 50 or 75 bps rate hike at the upcoming September policy meeting, but noted that future rate decisions would be based on incoming data.

Asian markets were seeing modest losses, while gold edged higher amid a retreat in the dollar and Treasury yields. Oil extended overnight gains after data showed declines in crude and gasoline inventories in the U.S.

In economic releases, Eurostat is scheduled to issue euro area final inflation data for July later in the day. According to flash estimate, inflation climbed to a record 8.9 percent from 8.6 percent in June. The statistical office is expected to confirm the preliminary estimate.

Across the Atlantic, trading may be impacted by reaction to a slew of U.S. economic data, including reports on weekly jobless claims, Philadelphia-area manufacturing activity and existing home sales.

U.S. stocks fell overnight as retail sales came in flat in July, discount retailer Target's second-quarter earnings fell short of twice-lowered views and minutes from the Federal Reserve's meeting in July suggested policymakers are less likely to step away from hiking rates until inflation declined substantially.

The Dow dipped half a percent, the tech-heavy Nasdaq Composite gave up 1.3 percent and the S&P 500 shed 0.7 percent.

European stocks snapped a five-day winning streak on Wednesday after the release of U.K. inflation as well as Q2 GDP and unemployment figures for the single currency bloc.

The pan European Stoxx 600 declined 0.9 percent. The German DAX lost 2 percent, France's CAC 40 index declined 1 percent and the U.K.'s FTSE 100 eased 0.3 percent.