European stocks moved higher Friday afternoon as investors digested fresh euro zone inflation data and its implications for next week's European Central Bank rate decision.index was up 0.2% by 3:17 p.m. London time. Sectors were mostly in positive territory, with utilities adding 0.68% while retail lost 0.58%.trailed at the bottom of the pan-European benchmark, dropping as much as 12% before paring losses slightly, after it reported a fall in first-quarter U.K. sales.
Higher energy costs pushed up inflation from 2.4% in April and beyond the average EU-harmonized rate of 2.5% forecast by a Reuters poll of economists. The data print comes with the European Central Bank widely expected to cut interest rates at its June 6 meeting, the first reduction since 2019. The ECB began its latest hiking cycle in July 2022, hauling rates out of negative territory to 4% at present.Two women hold an umbrella while sitting at an outdoor table of a cafe on April 01, 2024 in Rome, Italy.Italy's economy grew in line with expectations in the first quarter, expanding 0.
The U.K.'s FTSE 100 was last seen down 2 points at 8,230, Germany's DAX 48 points lower at 18,463, and France's CAC down 9 points at 7,967. Italy's MIB was seen slipping 13 points to 34,486.CNBC Pro: 'Many happy returns': Barclays names 2 global stocks it says has over 100% upside to play right now
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