European Stocks Close On Mixed Note

(RTTNews) - European stocks closed on a mixed note on Friday with several markets holding near multi-month and multi-week, or even record all-time highs, with investors largely reacting positively to regional and U.S. economic data.

The pan European Stoxx 600 ended up 0.09%. The U.K.'s FTSE 100, Germany's DAX and France's CAC 40 edged up 0.04%, 0.03% and 0.13%, respectively. Switzerland's SMI gained 0.15%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed higher.

Iceland, Netherlands and Russia ended weak.

In the UK market, Londonmetric Property, Entain and Land Securities gained 2 to 2.6%. Severn Trent, Unite Group, Segro, Antofagasta, Ashtead Group, Vistry Group, Barclays, Haleon, HSBC Holdings, Coca-Cola HBC and Hargreaves Lansdown climbed 0.8 to 1.5%.

Fresnillo drifted down 2.34%. Whitbread, ICG, Anglo American Plc, BP, Burberry Group, Shell, Relx and Smith (DS) lost 1 to 1.75%.

In the German market, Siemens Energy, Vonovia and Puma gained 1.5 to 1.8%. Commerzbank, E.ON, Deutsche Post and Deutsche Bank posted moderate gains.

Zalando ended down nearly 2.5%. SAP, Rheinmetall, Beiersdorf and MTU Aero Engines also closed weak, though with much less pronounced losses.

In the French market, Credit Agricole climbed more than 2.5%. Unibail Rodamco gained about 1.6%, while Saint Gobain, Engie, Capgemini, Societe Generale, BNP Paribas, Edenred and Danone also closed higher.

Pernod Ricard, Airbus Group, Orange, TotalEnergies, Essilor, Renault, L'Oreal and LVMH lost 0.4 to 1.7%.

In economic news, Eurozone inflation fell sharply in August to its lowest level since mid-2021 due to falling energy costs, Eurostat data showed - adding impetus to calls for cuts to interest rates in the region.

Consumer prices slowed to 2.2% in August from 2.6% in July this year.

Separate set of data revealed that the seasonally adjusted unemployment rate in the euro area dropped by 0.2 percentage points to 6.4% in July.

French inflation cooled to a three-year low in August. INSEE statistics agency reported that French consumer prices rose 1.9% in August, down from 2.3% a month earlier and falling below the European Central Bank's two-percent target for the first time since August 2021.

Meanwhile, the French economy grew at a slower pace than previously thought in the second quarter. GDP grew 0.2 percent in the April-to-June period compared to the first quarter.

Elsewhere, data from mortgage lender Nationwide Building Society showed U.K. house prices dropped for the first time in four months in August, falling by 0.2% in the month, reversing July's 0.3% increase.

German unemployment increased less than expected in August despite weak economic activity, official data revealed Friday. The jobless rate stood at 6.% in August, the same rate as seen in July and June, the Federal Employment Agency reported.

Germany's import prices increased for the second straight month in July, data from Destatis showed. Import prices grew 0.9% on a yearly basis in July, following a 0.7% rise in June, which was the first increase in 16 months.

UK mortgage approvals increased to a 22-month high in July as hopes of further interest rate cuts lured buyers to the housing market, data released by the Bank of England revealed Friday. Net mortgage approvals for house purchase rose to 62,000 in July from 60,600 in June. This was the highest since September 2022 and also exceeded economists' forecast of 60,500.

In U.S. economic news, Commerce Department released readings on U.S. consumer price inflation that are said to be preferred by the Federal Reserve.

The report said the personal consumption expenditures (PCE) price index rose by 0.2% in July after inching up by 0.1% in June. The modest increase matched expectations.

Meanwhile, the report said the annual rates of growth by the PCE price index and the core PCE price index were both unchanged at 2.5% and 2.6%, respectively.