The pan-European Stoxx 600 was 0.05 percent higher with the different sectors moving in opposite directions. Basic resources led the gains in early deals, up by 1.18 percent, on earnings. The world's largest steelmaker ArcelorMittal jumped 3.4 percent after beating first-quarter expectations.

Looking at individual stocks, Sika rose to the top of the benchmark, up by 10 percent. This was after news that the company had struck an agreement with Saint-Gobain to end a legal dispute.

Shares of Daily Mail General Group also rose 8 percent after Zoopla agreed to be bought by Silver Lake. The Daily Mail has a large stake in the U.K. property firm.

Overall, market sentiment was driven by earnings releases and impacted by a weaker-than-expected inflation reading in the U.S. This has helped to ease concerns surrounding the Federal Reserve's tightening strategy.

Meanwhile, oil prices have come off slightly after consecutive increases. Shortly after Europe's open, Brent hovered around $77.26 per barrel, while U.S. crude sat around the $71.26 mark.

No major economic data are scheduled to be published. In terms of events, European Commission President Jean-Claude Juncker is giving a key speech at 8.45 a.m London time in the city of Florence. In the afternoon, it will be the turn of European Central Bank President Mario Draghi to address the same audience.