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European stocks rose on Tuesday, continuing their positive trend after last week's volatility.
The Stoxx 600 index, a key regional benchmark, was up 0.08% at 9:49 a.m. in London. Utilities led the gains, increasing by 0.57%, while travel stocks fell by 1.26%. On Monday, European stocks had a mixed close as investors awaited U.S. and U.K. inflation data.
In the U.K., wage data released by the Office for National Statistics showed a 5.4% year-on-year growth in pay excluding bonuses from April to June, marking the lowest rate in two years. The unemployment rate fell to 4.2% from 4.4%, defying economists' expectations of a rise to 4.5%.
U.K. inflation data, expected on Wednesday, will be the first since the Bank of England reduced interest rates by 25 basis points. Economists anticipate the headline rate to increase to 2.3% from 2% after two months of stability.
Money markets are predicting further rate cuts, amounting to 50 basis points this year, with the Bank of England's key rate currently at 5%.
Following the labor market data, the British pound rose, trading up 0.28% against the U.S. dollar at $1.280 and 0.3% higher against the euro at 1.1722.
