European stocks struggled for direction on Friday as investors digested mixed regional data and looked ahead to a weekend press briefing from China’s finance minister, where details on the country’s fiscal policy adjustments geared towards fostering economic revival will be revealed.
Germany’s consumer price inflation eased further as initially estimated in September to the lowest level in just over three-and-a-half years, Destatis reported earlier today.
The consumer price index registered an annual increase of 1.6 percent in September, slower than the 1.9 percent rise in August. That was in line with the flash data published on September 30.
Further, this was the lowest inflation rate since February 2021, when prices had risen 1.5 percent.
Inflation, based on the harmonized index of consumer prices, also decelerated to 1.8 percent in September from 2.0 percent a month ago.
Elsewhere, official data showed the U.K. economy returned to growth in August, but the pace of expansion was weaker than in the first half of the year.
The real economy grew 0.2 percent in August after showing nil growth in July and June, the Office for National Statistics said. The rate came in line with expectations.
The pan European STOXX 600 was little changed with a negative bias at 519.02 after falling 0.2 percent in the previous session.
The German DAX and France’s CAC 40 were marginally higher, while the U.K.’s FTSE 100 dipped 0.2 percent.
In corporate news, Sandoz rose half a percent after launching a generic formulation of paclitaxel in the U.S.
Saga soared more than 9 percent in London after an update that it is in exclusive talks with Ageas SA/NV to form a 20-year motor and home insurance partnership and sell its underwriting business.
Likewise, Oxford Metrics jumped 5.5 percent after it announced the strategic acquisition of The Sempre Group Holdings Ltd, a measurement specialist that offers high precision metrology solutions.
Recruiter Hays rallied 2.1 percent despite forecasting fall in first-half operating profit from the previous six-month period.
Energy giant BP was half a percent lower after releasing its third quarter 2024 trading statement.
German online retailer Zalando rose 1.2 percent after raising its financial outlook for 2024.
Auto major Porsche AG gained more than 1 percent despite reporting weak deliveries in the first nine months of fiscal 2024.
European Shares Lack Direction Before China Stimulus Briefing
2024-10-11 09:27:46
