Europe midday: Stocks edge higher as EZ inflation ticks up
European shares edged ahead at midday on Friday as investors assessed a slight rise in eurozone inflation.
The pan-regional Stoxx 600 index was up 0.14% at 508 points with major bourses mixed on a day with little corporate news on offer and US markets closed overnight for the Thanksgiving holiday.
Euro area inflation picked up in November in annual terms to 2.3%, although some economists were expecting that it would soon head lower again. According to a preliminary estimate from Eurostat, in seasonally adjusted terms, prices fell by 0.3% month-on-month, as services prices fell by 0.9% whilst those for energy rose by 0.6%.
In France, Prime Minister Michel Barnier on Thursday announced a major concession in a bid to end a standoff with the opposition over his planned austerity Budget, which has seen the cost of government borrowing soar, spooked investors and led to threats from far-right parties to bring down his minority government.
In a U-turn, Barnier told the Le Figaro daily that a previously planned increase for an electricity tax would no longer be included in the Budget.
In economic news, German retail sales fell more than expected in October, decreasing by 1.5% compared with the previous month, according to official data published on Friday.
The figures compared with a 1% rise in October 2023 and expectations of a 0.3% decline.
In equity news, Canada's ABC Technologies said it had struck a £1bn deal to buy Britain's TI Fluid Systems for 200p a share in cash.
Shares in London-listed Georgian banks TBC Bank and Bank of Georgia fell sharply on news that the Georgian government would suspend talks on European Union accession and refuse budgetary grants until 2028.
Reporting by Frank Prenesti for Sharecast.com