This is CNBC's live blog covering European markets.

European stock markets were mixed Thursday as investors digest key inflation data out of the U.S. released Wednesday.

The pan-European Stoxx 600 index was cautiously higher in late afternoon trading with a 0.3% uptick. Household goods led gains with a 2% jump, while utilities made the biggest drop with a 1% downturn.

The consumer price index rose 0.1% in March and 5% year on year, according to the Labor Department, which showed that while U.S. inflation is still high, there are continuing signs that it is decelerating.

Investors will also be analyzing minutes from the March Federal Open Market Committee meeting which showed that Fed officials anticipate the U.S. economy will enter a recession in the aftermath of the recent banking turmoil.

In the U.S., stocks were higher Thursday as investors weighed recession risk while Asia-Pacific markets were mostly lower.

U.S. stocks open slightly higher

The major averages rose to start Thursday's session. The Dow advanced 40 points, or 0.1%. The S&P 500 gained 0.3%, and the Nasdaq Composite climbed 0.7%.

— Fred Imbert

We have almost a problem of ‘too much gas around’ for this summer, analyst says

Natasha Fielding of Argus Media discusses the "significant risks" for the coming winter.

LVMH shares reach all-time high on strong first-quarter sales

Shares of LVMH hit an all-time high after strong first-quarter results.

The luxury behemoth recorded revenue of 21 billion euros ($23.1 billion) in the first quarter of 2023, which was a 17% increase from the previous year, according to a press release.

The share price reached 872.70 euros in early trade.

The lifting of Covid-19 restrictions in China prompted a significant rebound in the Asia market, while European sales benefited from strong demand from local and international customers.

Christian Dior, which is also headed by LVMH owner Bernard Arnault, gained 4.2%, while luxury rivals Hermes and Burberry also saw share price gains.

— Hannah Ward-Glenton

UK economy shows no growth in February

The U.K. economy did not grow in February, according to data from the Office for National Statistics, but a small bounce in January was better than expected.

Economic output was flat in February compared with the previous month, according to the ONS.

Growth in construction was offset by drops in the services and production sectors.

Growth was at 0.4% in January, revised up from the original forecast of 0.3%.

Gross domestic product grew a total of 0.1% in the three months to February.

— Hannah Ward-Glenton

European markets: Here are the opening calls

European stock markets are expected to open mixed, with the FTSE 100 looking to drop 8 points to 7,808.9 and Germany's DAX losing 11 points to 15,688.7, according to IG data. France's CAC index will buck the trend and gain 39 points to sit at 7,435.2.

— Hannah Ward-Glenton

CNBC Pro: Morgan Stanley's Slimmon names 'attractively priced' stocks to beat the economic uncertainty

Morgan Stanley's Andrew Slimmon expects an economic slowdown in the U.S. will happen later than many have predicted.

The senior portfolio manager at Morgan Stanley Investment Management names stocks to buy and avoid in the face of market uncertainty.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Investors await another inflation metric: the producer price index

Traders are digesting the latest reading of the consumer price index, but another inflation reading will be due Thursday morning: the producer price index.

The PPI, which measures a measurement of wholesale prices, are due at 8:30 a.m. ET. Economists polled by Dow Jones anticipate that March's reading will be flat, compared to a decline of 0.1% in February. When excluding volatile food and energy prices, economists predict that PPI will rise by 0.2%, compared to an unchanged reading in February.

-Darla Mercado

Warren Buffett says he could not run the Federal Reserve as well as Jerome Powell

Berkshire Hathaway Chairman and CEO Warren Buffett said he doesn't think he could run the Federal Reserve as well as Jerome Powell. The central bank leader's aggressive rate hiking campaign has attracted criticism from those who say Powell waited too long to target rising inflation.

"You have to act on insufficient information, and you've got an ultimate responsibility to the American public," Buffett told CNBC's Becky Quick Wednesday on CNBC's "Squawk Box."

"It doesn't mean you can stop recessions, it doesn't mean that you can turn bad loans into good loans or anything else. But it does mean that you've got to keep the system working. And the system came close to stopping," he added.

He added, "Thank heavens, you know, Jay Powell was there" in March 2020.

— Sarah Min, Alex Harring

China exports see surprise jump in March

Exports from China beat expectations and marked a surprise jump in March posting 14.8% growth after a 6.8% decline in February.

This snaps a five month streak of declines, while imports also fell smaller than expected at 1.4%.

In U.S. dollar terms, China saw a trade surplus of $88.19 billion, much larger than expectations to see a surplus of $39.2 billion.

The Chinese yuan strengthened to 6.8722 against the U.S. dollar.

— Jihye Lee