(Reuters) – European stocks opened slightly higher Wednesday due to gains in auto and banking stocks. However, sentiment was kept under control by a series of bleak data that stoked concerns of slower growth.

The pan-European Index rose 0.3% in June after closing 0.7% lower on Tuesday. This was despite concerns about central bank actions and record inflation. The index lost 1.6% in May.

Deutsche Bank Economists expect that the European Central Bank will raise its interest rates 50 basis points by September, as higher prices impede economic growth.

German retail sales declined more than anticipated in April due to consumers feeling the pinch from higher prices. Another survey found that British businesses expect little growth for the next three-months.

The auto stocks increased almost 1% while the STOXX 600 saw the largest boost from banks, which rose 0.6%.

Dr. Martens, the British footwear brand, rose 19.0% among individual stocks after it predicted higher revenue growth thanks to its price hikes in response to high inflation and strong sales.

Deutsche Bank’s DWS asset manager slumped 6.9% following the announcement by its chief executive officer that he will step down next week. This was in response to allegations against him of mislead investors regarding “green” investments.