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March 12 Reuters European shares moved higher on Tuesday, bolstered by upbeat corporate updates and strength in miners, while investors awaited key U.S. inflation data for clues on the interest rate cut trajectory.

The panEuropean STOXX 600 was up 0.4 by 855 GMT, just shy of the record peak it touched last week. Basic resources shares led sectoral gains with a 1.0 jump.

Later in the day, market action will be dominated by U.S. consumer price index CPI report for February, due at 1230 GMT, as it could offer insights into the timing of Federal Reserve39;s first interest rate cut.

If you think about the breakdown of the subcomponents of inflation, services have been drifting lower, but at too slow of a pace and remained the most substantial contributor to over inflation, said Gene Salerno, chief investment officer at SG Kleinwort Hambros.

Salerno said it was a good time to invest on equities, based on indications that industrial activity was poised for a recovery.

Traders are pricing in three to four quarterpoint 25 bps U.S. rate cuts, with an over 70 chance of the first one coming in June.

The European Central Bank also looks set to initiate rate cuts in June after recent slowdown in inflation in the euro zone.

Data showed German inflation eased in February to…