European stocks are rising thanks to shares of insurance companies and personal and household goods

European stocks rose on Thursday as investors received a batch of corporate earnings reports while they awaited US inflation data that is likely to determine the course of the Federal Reserve’s monetary policy.

The pan-European Stoxx 600 index rose 0.4 percent by 0707 GMT, after rising to a one-week high at the close in the previous session.

US stock futures rose ahead of data expected to show a slight increase in the consumer price index for July. The consumer price index is expected to have increased by 0.2 percent on a monthly basis, similar to that of June.

Shares of the personal and household goods sector in Europe, which includes the largest luxury brands, rose 1.1% after China lifted restrictions on group trips to more countries due to the Covid-19 pandemic.

German insurance company Allianz rose 2.1 percent, and Zurich Insurance rose 1.6 percent after the two companies announced better-than-expected results.

Capping gains, Siemens shares fell 3.5 percent after the German engineering group missed its third-quarter profit estimates.

Shares in the Danish drug Novo Nordisk fell nearly 1 percent after it announced it would continue to limit its supply of doses of its drug (Wegovi) to treat obesity to the United States.