European stocks opened cautiously higher on Wednesday as investors shifted their focus to U.S. economic data following a week of political drama.

The Stoxx 600 index rose by 0.17% in early trading, with most sectors moving into the green. The travel sector led gains, increasing by 0.6%, while mining stocks declined by 0.3%.

Norwegian tech company Kongsberg saw the largest gains, climbing 7.8% after announcing a 21% increase in operating revenue.

On Tuesday, European stocks ended lower as investors reacted to political uncertainty in France following Sunday’s election results, where the left-wing New Popular Front (NFP) secured the most seats but fell short of an absolute majority. The NFP is pressing President Emmanuel Macron to permit it to establish a government and select one of its candidates as France’s next prime minister.

France’s CAC 40 index concluded the day down by 1.81% as traders evaluated the ramifications of a hung parliament and the ensuing political instability in France. The index opened 0.1% higher on Wednesday.

Overnight, Asia-Pacific markets showed a mixed performance despite gains in key Wall Street indices following dovish remarks from U.S. Federal Reserve Chairman Jerome Powell on Tuesday. Powell expressed concerns that maintaining elevated interest rates for too long “could unduly weaken economic activity and employment.”

Looking ahead, Thursday will see the release of the monthly U.S. consumer price index, followed by the producer price index on Friday. These releases, and whether they surprise to the upside or downside, will be crucial indicators for the interest rate outlook.

In overnight trading on Tuesday, U.S. stock futures remained largely unchanged after the S&P 500 achieved a new record closing high.

Earnings reports are expected from Wetherspoons and the National Grid, while no major data releases are scheduled for the day.