European markets higher as investors focus on euro zone data, earnings; Stoxx 600 hits intraday high

This is CNBC's live blog covering European markets.

European markets were higher Thursday ahead of a busy day of earnings and data in the region.

The Stoxx 600 index was up 0.6% in early deals, with most sectors trading in the green. Autos stocks were up 1.7%, while food and beverage was down 1.2%.

The pan-European benchmark hit an intraday record on a bumper earnings day. Nestle, Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Rolls-Royce, WPP, Anglo American and Hargreaves Lansdown all reported Thursday morning.

Rolls-Royce shares jumped more than 8% in early trade in London after the British aerospace group more than doubled its annual profits in 2023 and forecast further momentum this year.

Meanwhile, shares of food giant Nestle fell 3.7% after the company reported lower than expected full-year sales as inflationary pressures weighed on consumer demand.

Euro zone manufacturing contracted in February but the services sector returned to growth, preliminary data showed Thursday.

Overnight, Japan's Nikkei hit a record high on Thursday, with investors shrugging off dismal business activity data from the country, while other Asia-Pacific markets traded in the green. S&P 500 futures rose in overnight trading Wednesday, boosted by a jump in Nvidia shares.

Euro zone manufacturing contracted in February, but the services sector returned to growth, preliminary data showed Thursday.

The manufacturing purchasing managers' index fell to 46.1 from 46.6 in January, while services PMI rose to 50.0 from 48.4 the previous month.

— Karen Gilchrist

Mercedes-Benz shares gained 4% on Thursday morning after the German carmaker beat fourth-quarter earnings expectations and announced a new share buyback program, despite warning of