European stocks close higher as U.S. inflation eases; UK pound hits one-year high

  • 📰 CNBC
  • ⏱ Reading Time:
  • 37 sec. here
  • 15 min. at publisher
  • 📊 Quality Score:
  • News: 63%
  • Publisher: 72%

World Economy News

World Markets,FTSE MIB,CAC 40 Index

European stocks closed higher Thursday as global investors assessed the U.S. inflation reading.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines