Stocks volatile as US inflation cools

On Friday, the Fed's preferred inflation measure, the personal consumption expenditures price index, rose 5.5 percent last month from November 2021, Commerce Department data showed.Meanwhile, personal income increased 0.4 percent month-on-month, but personal spending edged up only 0.1 percent.

Those pre-market reports sent Wall Street lower, but stocks rebounded after data showed a surprise jump in new home sales as well as an increase in consumer sentiment, including a key drop in inflation expectations. London posted minor gains on a shortened trading day. Meanwhile Frankfurt added 0.2 percent and Paris fell by an equal amount.Tokyo's main stocks index shed one percent as Japan's inflation hit a 41-year high, reinforcing expectations that the country's central bank would lift interest rates next year.

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