European markets close higher as investors anticipate rate cuts, with Eurozone inflation rising

From Nasdaq: 2024-11-29 12:56:55

European stocks closed higher on Friday as investors anticipated further rate cuts by central banks, despite an increase in eurozone inflation. The pan European Stoxx 600 rose by 0.58%. Germany’s DAX saw a 1.03% increase, while France’s CAC 40 gained 0.78%. In the UK, the FTSE 100 edged up by 0.07%, and Switzerland’s SMI closed higher by 0.46%. Various European markets closed higher, except for Greece, Norway, and Portugal, which ended weak. UK market saw gains in Anglo American Plc and IMI, while BAE Systems tumbled. In Germany, MTU Aero Engines and Infineon both gained about 3%.

Eurostat reported that inflation in the Euro area rose for the second consecutive month in November, with the harmonized index of consumer prices increasing by 2.3% year-on-year. Core inflation, excluding prices of food, energy, alcohol, and tobacco, remained steady at 2.7%. In Germany, the unemployment rate for November was reported at 6.1%, while retail sales declined more than expected in October by 1.5%. Import prices in Germany fell by 0.8% in October, with a month-on-month increase of 0.6%. France’s GDP grew by 0.4% in the third quarter.

UK mortgage approvals increased to the highest level in over two years in October, reaching 68,303. In Switzerland, the economic barometer rose to 101.8 in November, indicating a steady economy without strong dynamics.



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