(fxcue news) - European stocks are seen opening a tad higher on Thursday as in-line U.S. CPI data supported the case for another interest rate cut by the Federal Reserve next month. Kansas City Federal Reserve chief Jeffrey Schmid on Wednesday said the time is "now" to reduce U.S. interest rates, but it's still uncertain how much further interest rates will decline. Asian stocks were mostly higher, though Chinese and Hong Kong markets were subdued on deflation worries and concerns over another possible China-U.S. trade war. The U.S. dollar held firm near a one-year high against major peers, influenced by higher Treasury yields on expectations for deeper deficit spending during Trump's second presidential term. Gold hovered near two-month lows while oil reversed most of the previous session's gains on fears of higher global output and slow demand growth. In economic releases, the second reading for eurozone gross domestic product as well as reports on U.S. producer price inflation and weekly jobless claims along with remarks by Fed Chair Jerome Powell may garner investor attention later in the day. U.S. stocks fluctuated before ending mixed overnight as longer-dated Treasury yields rose amid expectations that the Fed may not reduce rates as much as previously thought. Data showed the consumer price index rose 0.2 percent for the fourth straight month in October, matching expectations. The annual rate of consumer price growth accelerated to 2.6 percent from 2.4 percent in September, while the core consumer price inflation rate stood at a three-month high of 3.3 percent, unchanged from September. The tech-heavy Nasdaq Composite shed 0.3 percent while the S&P 500 and the Dow crept up marginally. European stocks closed lower Wednesday on concerns about regional growth amid fears of inflation and tariffs in the Trump 2.0 era. The pan European STOXX 600 slipped 0.1 percent. The German DAX dipped 0.2 percent and France's CAC 40 slipped 0.1 percent while the U.K.'s FTSE 100 finished marginally higher.