© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 5, 2024. REUTERS/Staff/File Photo

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(Reuters) – European shares opened higher on Thursday, ahead of a key inflation report in the U.S. that will offer clarity on the trajectory of interest rate cuts by the Federal Reserve, while basic resources shares led gains.

The pan-European STOXX 600 was up 0.6% by 8:10 GMT.

Market participants keenly await the U.S. inflation report, due at 8:30 a.m. ET (1330 GMT), to assess the timing of interest rate cuts from the Fed, that will help set the tone for other central banks to follow.

Tracking overnight gains in tech-heavy Nasdaq, the European technology index added 1.2%.

Top performer basic resources shares gained 1.4%, helped by a rise in prices of gold and copper as the dollar softened. [MET/L] [GOL/]

Shares of VAT Group rose 3.8% after the Swiss industrial valves maker posted a strong beat in fourth quarter orders.

The broader industrial goods index was up 0.8%.