European Shares Muted Ahead Of Key Inflation Reading
2024-11-26
3575
(fxcue news) - European stocks slipped into the red on Friday ahead of the release of flash euro zone inflation data for November, due later in the day.
Amid worries over trade tariffs and recent political turmoil in France, the reading may offer additional clues on the interest rate outlook ahead of the European Central Bank's last meeting of the year on Dec. 12.
Preliminary data showed earlier today that France's harmonized inflation rate rose 1.7 percent in November from 1.6 percent in October -matching expectations and remaining well below the European Central Bank's 2 percent target.
Elsewhere, official data showed German retail sales fell more than expected in October, falling 1.5 percent month-on-month.
The pan European Stoxx 600 was marginally lower at 507.02 after rising half a percent on Thursday to snap two days of declines.
The German DAX and France's CAC 40 also traded flat with negative bias while the U.K.'s FTSE 100 was down 0.2 percent.
Mining stocks traded higher amid growing expectations for new stimulus ahead of a key policy meeting in China next month.
Glencore and Antofagasta were seeing modest gains, while Anglo American rallied nearly 3 percent as Jefferies raised its rating on the stock to buy from hold.
Insurer Aviva was marginally higher on reports that it has approached shareholders of its smaller rival, Direct Line, signaling a hostile takeover bid.
Caffyns, a motor retailer, fell 2.6 percent after reporting flat revenue growth for the first half.
Delivery Hero SE, an online food delivery platform, rose about 1 percent after it has set the price for its Middle Eastern unit's initial public offering at the top of its range.
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