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BE Semiconductor Industries jumps on rating upgrade

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UK's Superdry ( SEPGF ) falls as CEO drops buyout bid

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Ionos rises after winning government contract

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STOXX 600 up 0.1%

(Updated at 0853 GMT)

By Johann M Cherian

April 2 (Reuters) - European stocks kicked off the

second quarter slightly higher, with focus on a string of

economic data points including inflation data from Germany that

could provide clarity on the timing for interest rate cuts by

the European Central Bank.

The continent-wide STOXX 600 inched up 0.1% by 0853

GMT on Tuesday as investors returned to markets following an

extended weekend and the Easter holiday.

Energy stocks did the heavy lifting with a 1.9% rise

as crude prices climbed on signs that demand may improve in

China and the United States, and on growing concerns of a

widening conflict in the Middle East that could affect supply

from the region.

UK's FTSE 100 and Norway's benchmark index,

that houses oil companies, rose 0.3% and 2.0%, respectively.

Germany's DAX slipped 0.1%, ahead of consumer price

index data due at 1200 GMT, where economists polled by Reuters

expect a 2.2% annual rise in March, compared with a 2.5%

increase in the month before.

The data will follow preliminary figures that showed

inflation fell in six economically important German states in

March.

"The fall in CPI inflation in the major German states in

March all but confirms that both German and euro zone HICP

inflation will come in lower than expected in March," Franziska

Palmas, senior Europe economist at Capital Economics, said.

"This will please ECB policymakers ... we still think they

will wait until June before cutting rates."

Data from the region's largest economy is seen as a

bellwether for broader euro zone inflation, data for which is

expected on Wednesday.

Optimism around imminent interest rate cuts have convinced

investors to buy into risky assets as the benchmark index trades

at record highs after notching its second straight quarter of

gains last week on Thursday.

Technology stocks were among the top gainers on

Tuesday, with BE Semiconductor Industries up 3.6%

after brokerage Barclays upgraded the stock to "overweight" from

"equal weight".

Ionos Group surged 14.3% after the cloud provider

won a contract from the German federal administration.

Superdry ( SEPGF ) slumped 49.7% to a record low after the

British fashion retailer's CEO and top shareholder Julian

Dunkerton said he will not be making an offer for the company.

UBS climbed 0.5% after the Swiss lender announced

it was launching a new share buyback programme of up to $2

billion, with up to half being completed in 2024.