European stocks rise at the opening

European stocks rose at the open on Thursday, and the financial sector received support from the shares of the Swiss bank UBS after the bank’s decision to acquire its local competitor, Credit Suisse, while investors awaited a set of important economic data to be issued later on Thursday.

By 0710 GMT, the European STOXX 600 index rose 0.1 percent, but fell more than two percent this month.

UBS shares rose 6.3 percent and reached their highest levels since the end of 2008 after the bank said that its ambitions were increasing to rationalize costs to more than ten billion dollars in the group’s various sectors.

The broader financial services sector index increased 1.4 percent.

Investors’ attention will be focused on an initial reading of the inflation index in the euro zone, German unemployment data, and US inflation, ahead of expected meetings of the Federal Reserve and the European Central Bank next month.

Preliminary official data coordinated by the European Union revealed that inflation in France increased more than expected in August.

Among individual stocks, Pernod Ricard, a French alcoholic beverage company, fell 4.1 percent after the company announced its full-year results.