European stocks rise ahead of the release of US inflation data

European stocks rose on Wednesday ahead of the release of US inflation data that will determine whether the Federal Reserve is close to ending its monetary tightening cycle.

The pan-European Stoxx 600 index rose 0.3 percent in early trade.

US data, due at 1230 GMT, is expected to show the consumer price index rose 3.1 percent year-on-year in June, after rising 4 percent in May.

A significant slowdown in inflation would fuel speculation that the Federal Reserve will stop raising interest rates after July.

The technology sector recorded the biggest gains among the indices in Europe, supported by shares of semiconductor companies, as ASML Holding rose 0.8 percent and Infineon rose 2.2 percent.