Europe close: Stocks end mostly higher

European shares were mostly higher despite the release of data showing stubborn inflation in Germany and Spain.

The pan-European Stoxx 600 was up 0.13% to 456.64 with most of the region's bourses higher.

Nevertheless, whereas the FTSE Mib added 0.99% to 27,911.03, the Dax ended the day nearly unchanged at 15,946.72.

Another batch of stronger-than-expected economic data in the US fed into expectations of sticky inflation.

Against that backdrop, the yield on the benchmark two-year German government debt rose by nine basis points to 3.2%.

In equity news H&M shares surged 18% after the Swedish fashion retailer posted stronger-than-expected profits for the March to May period, and said third-quarter sales had also started well.

Shares in UK and French retailer B&M fell despite reporting higher first-quarter sales.

Serco shares jumped 9% after the outsourcer forecast annual revenues £200m higher than originally expected to at least £4.8bn.