European markets opened higher following a rally in Asian shares and U.S. shares after U.S. January inflation surprised markets on the high side.

The FTSE 100 was up 0.52% as of 3:32 a.m. ET, Germany's DAX climbed 0.72% and France's CAC 40 rose 1.17%. Europe's Stoxx 600 was up 0.66% as of 3:34 a.m. ET.

Asia stocks took their cue from a rally in U.S. equities Feb. 14, with gains led by Hong Kong's Hang Seng Index, which closed up 1.97% at 31,115.43 on a shortened trading day ahead of the Lunar New Year holiday. China markets were closed today.

Japan's Nikkei 225 Index closed 1.47% higher at 21,464.98, ending a three-day losing streak.

The S&P 500 finished 1.34% higher and the Nasdaq Composite Index closed up 1.85% as investors moved back to equities from bonds after U.S. inflation data turned out to be better than expected.

"While yesterday's inflation numbers make a Fed rate rise in March more or less a done deal the prospect of additional rate rises later on in the year don't appear to be causing the same consternation in equity markets that they were a week ago, as US markets closed higher for the fourth day in succession, despite initially opening lower in the wake of the release of the data," Michael Hewson, chief market analyst at CMC Markets UK, said in a research note.