General view of Bishopsgate in the City of London, the capital's financial district. The UK economy has reportedly seen faster growth than initially estimated in early 2024.LONDON — European stocks closed higher Thursday, remaining in the green after theindex provisionally closed 0.65% higher. Utilities led the pack, up 1.78%, while media stocks dipped 0.36%. After making gains earlier in the day, tech slipped and closed slightly lower., the Labor Department reported Thursday.
Excluding volatile food and energy costs, core CPI increased 0.1 % monthly and 3.3% from a year ago, both one percentage point below forecast. Investors were keenly awaiting the print for a sign the Federal Reserve may be prepared to lower interest rates in its coming meetings.retreated from a record high as investors rotated out of big technology companies and into small-caps and housing related stocks.in May, rebounding from no growth in April and coming in ahead of a 0.2% forecast.
Following both data releases, the British pound rose 0.7% to its highest level against the U.S. dollar since July 2023.for the U.K. after the Labour Party's decisive victory in the country's general election.