European markets edge higher; Puma shares jump 14%

LONDON — European markets moved higher on Thursday as investors digest the regional and global economic outlook.

The pan-European Stoxx 600 advanced 0.1% during early morning deals, quickly rebounding from a negative open, with major bourses in the green and sectors mixed by 8:27 a.m. London time (3:37 a.m. ET).

The subdued open for regional markets on Thursday comes after a positive trading session yesterday, with the Stoxx 600 closing almost 1.1% higher and most sectors and major regional bourses in the green.

Global markets have been boosted this week by rising expectations that the U.S. Federal Reserve will cut interest rates when it next meets on Dec. 9-10.

Traders are pricing in a 84.9% chance of a quarter percentage point cut from the Fed in December, according to the CME FedWatch tool.

On individual names, potential buyers are swirling German athletic brand Puma, according to reports by Bloomberg. Chinese sport multinational Anta Sports is among those working on a bid, the outlet reported, citing unnamed sources. Puma declined to comment when asked by CNBC. Puma shares rose over 14% on Thursday, leading the European index.

Other big movers include defense stocks Rheinmetall, which advanced 1.6%, and Saab, which was last seen around 1.5% up. It comes as U.S. officials continue to attempt to broker a peace deal between Russia and Ukraine.

U.S. stocks rose on Wednesday, allowing the major averages to log their fourth straight day of gains ahead of the Thanksgiving holiday. Meanwhile, Asia-Pacific markets tracked Wall Street gains and India’s benchmark indexes hit a record high overnight.

U.S. markets are closed Thursday for Thanksgiving. Trading will resume with a shortened session Friday, when the market will close at 1 p.m. ET.

In Europe on Thursday, there are no major earnings reports. Data releases include Germany’s GfK consumer confidence survey and EU economic sentiment data.