Europe midday: Stocks edge higher despite stronger-than-expected CPI data

Stocks on the Continent were attempting to claw back some losses at the end of the week even with some investors heartened by possible signs of a modicum of stability in financial markets.

That was despite the release of a stronger than expected reading for euro area inflation in September.

In the background, Russia's annexation of the new territories taken from Ukraine which was expected later in the day.

Against that backdrop, as of 1137 BST, the benchmark Stoxx 600 was trading up by 1.12% to 387.15.

Germany's Dax was adding 0.74% to reach 12,063.83 while the FTSE Mib was climbing 1.38% to 20,633.21.

The yield on the benchmark 10-year Italian government bond was slipping by 15 basis points to reach 4.519%.

Euro/dollar was down by 0.41% to 0.9775, while the pound was off by 0.36% to 1.1077 having earlier risen to 1.1234.

Dutch TTF gas futures were 7.8% lower to €196/Mwh and front-dated Brent crude oil futures were 0.7% higher to $89.2 a barrel on the ICE.

On the economic side of things, according to Eurostat the annual rate of increase in euro area consumer prices picked up from 9.1% in August to 10.0% for September (consensus: 9.7%).

At the core level, CPI accelerated from 4.3% to 4.8% (consensus: 4.7%).

In Germany, the Federal Labor Agency reported a smaller-than-expected 14,000 jump in jobless claims following a 28,000 person increase for August.

At 1330 BST, the US Department of Commerce was scheduled to release personal income and spending figures for August and at 1500 BST, the University of Michigan was set to publish a final reading on its closely followed US consumer confidence index for September.