Europe close: Stocks slip despite in-line US CPI reading

European shares slipped into the red despite the release of data showing that the rise in the cost of living in the US eased to a two-year low.

The pan-European Stoxx 600 was off by 0.38% at 463.64.

Germany's Dax fell 0.37% alongside to 15,896.23, while the FTSE Mib ended the day down by 0.43% at 27,624.77.

According to the US Department of Labor, headline and core consumer prices both rose in April by 0.4% on the month, as expected.

That saw the year-on-year rate of increase dip from 5.0% in March to 4.9%.

In local economic news German inflation in April was confirmed at 7.2% from 7.4% a month earlier, according to the Federal Statistical Office.

In equity news shares in Swedish Orphan Biovitrum slumped after it agreed to buy US biotech CTI BioPharma, which develops therapies for blood-related cancers, in a deal valued at $1.7bn.

Credit Agricole, France's second-biggest listed bank, gained over 5% after posting better-than-expected earnings as market volatility boosted trading revenue.

British pubs group JD Wetherspoon forecast record full-year sales and its annual profit to be closer to the top end of market expectations.

Travel firm Tui fell despite forecasting strong revenue and higher profit for 2023 on the back of strong booking momentum and narrower losses.

Melrose rose as it reported trading above expectations.