German stocks lead Europe higher after Siemens data

German stocks led European indices higher at the open on Thursday, supported by data from Siemens, which recorded an optimistic rise in quarterly profits, while investors await the UK budget, which is expected to restore confidence in the British economy.

The German DAX rose 0.9%, while the pan-continental Stoxx 600 index rose 0.3% by 0810 GMT.

Siemens jumped 7.2 percent after the engineering and technology group also reported strong demand for its plant equipment and software.

The European industrial index rose 0.8 percent.

Chancellor of the Exchequer Jeremy Hunt is expected to announce spending cuts and tax increases in a statement later on Thursday, measures that Hunt and Prime Minister Rishi Sunak say are necessary to restore investor confidence after the previous government’s “mini-budget” fiasco less than two months ago. .

Britain’s FTSE 100 fell 0.2% ahead of the announcement, which is due at 1130 GMT.