The UK’s FTSE is seen opening 71 points higher at 7,166, Germany’s DAX 91 points higher at 12,683, France’s CAC 40 51 points at 5,956 and Italy’s FTSE MIB 137 points higher at 20,955, according to IG data. European markets are set to build on the gains seen on Wednesday, with the pan-European Stoxx 600 closing up 1.7%. Technology, media and retail stocks rose more than 3% to lead gains as nearly all sectors and major bourses ended in positive territory. Investors will digest the Fed’s latest minutes, released on Wednesday, in which central bank officials reiterated a tough stance on inflation, saying another move of 50 or 75 basis points would be “probably appropriate” at the 26- July 27. Federal Reserve officials acknowledged that a “more accommodative stance” in policy could be appropriate if inflation does not ease, even if it slows the economy, minutes of the meeting said. “Participants acknowledged that policy stabilization could slow the pace of economic growth for some time, but saw a return of inflation to 2 percent as critical to achieving maximum employment on a sustained basis,” the paper said.

Overnight, Asia-Pacific markets were mostly higher on Thursday, while US stock futures were flat on Thursday morning as investors digested the latest meeting minutes from the Fed. The European Central Bank will publish the minutes of its latest meeting on Thursday, while Group of 20 foreign ministers will meet in Bali. Sainsburys is holding an annual general meeting and the data releases include German industrial production figures for May. — CNBC’s Jeff Cox contributed to this market report.