European equities are opening higher across the board:Eurostoxx +0.5%Germany DAX +0.3%France CAC 40 +0.5%UK FTSE +0.4%Spain IBEX +0.3%Italy FTSE MIB +0.5%The main backdrop helping with the overall mood remains the continued retreat in oil prices. Brent crude has fallen back to just below $99 today, extending its decline to a sixth consecutive session as improving Saudi supply flows and US-Iran diplomacy hopes reduce some of the geopolitical premium.That is easing concerns over inflation and taking some pressure off bond markets as well. 10-year Treasury yields continue to sit just under 5% at around 4.95% today. Meanwhile, 10-year bond yields in Germany are also settling down at around 3.44% since peaking last week at 3.57%.That combination is proving to be supportive for European equities, particularly after oil had been one of the biggest macro headwinds for stocks earlier this month.The other focus today is the preliminary September PMI data from France, Germany and the overall Eurozone, which should offer a fresh read on both economic momentum and inflation pressures.Besides that, US futures are providing a steadier helping hand rather than driving the move outright. S&P 500 futures are up roughly 0.1%, while Nasdaq futures are broadly flat after the Nasdaq Composite index itself posted another record close on Tuesday.Overall, it's a moderate risk-on mood at the open today. However, there is still some nerves with the bond market continuing to sit on the edge despite falling oil prices. This article was written by Justin Low at investinglive.com.