FTSE 100 up 0.39%; DAX up 0.34%; CAC 40 down 0.40% (Il Sole 24 Ore Radiocor) - Milan, 28 Jun - European shares opened mostly higher in cautious trade, rebounding from yesterday's losses. The Stoxx 600 index was up 0.18%.

Investors remained on the sidelines as they monitored key inflation data from the eurozone and US.

The latest inflation readings from France, Italy and Spain as well as Germany's unemployment and retail sales data are on tap today.

In June, French consumer prices rose 0.1% month on month and 2.1% year on year, according to a preliminary reading by the statistics office Insee. Spain's consumer price index rose in June a monthly 0.3%, the same rate as in May, and an annual 3.4%, slowing from the 3.6% increase the earlier month, according to preliminary data released by the national statistical office Ine.

Fresh US inflation data is also due later today with the release of May's personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, for more clues over the start of the US central bank's rate-cutting cycle.

Traders are now pricing in a 64% chance of a first Fed cut in September, up from 50% a month ago, according to the CME FedWatch tool.

Should the core PCE figures come in higher than expected, however, those expectations could be derailed.

Investors also looked ahead to the first round of voting in the French election next weekend, after president Emmanuel Macron called for a snap legislative vote in a political gamble after a crushing defeat for his party in the European Parliament elections. to take place on June 30th and July 7th.

Marine Le Pen's far-right National Rally (Rassemblement National) party is leading in the polls, followed by a left-wing coalition, while Macron's centrist alliance trails behind in third place.

The second round of the election will take place on July 7 in constituencies where no candidate wins more than 50% of the vote in the first round.

At 0735 GMT the London FTSE 100 was up 0.39% at 8,211 points, the Frankfurt DAX was up 0.34% at 18,266 points, the Paris CAC 40 down 0.40% at 7,500 points, while in Milan the FTSE MIB was up 0.27% at 33,277 points, and in Madrid the IBEX 35 was up 0.19% at 10,972 points.

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(RADIOCOR) 28-06-24 09:54:24 (0206) 5 NNNN