European Shares Climb After Inflation Data

(RTTNews) - European stocks were moving higher on Friday after final data from Eurostat showed the region's consumer inflation sharply decelerated in May.

Eurozone consumer inflation was flat month-on-month in May, resulting in a 6.1 percent annual increase, down from 7.0 percent in April.

Earlier today, the International Monetary Fund (IMF) has called for more interest rate hikes from the European Central Bank (ECB) in a regular review of the economy of the 20 countries sharing the euro.

The Bank of England will announce its rate decision next week, with the central bank expected to raise interest rates by a quarter point to a 15-year high of 4.75 percent, marking its 13th straight rate rise.

The pan European STOXX 600 was up 0.6 percent at 467.05 after closing 0.1 percent lower on Thursday.

The German DAX rose 0.4 percent, France's CAC 40 climbed 0.8 percent and the U.K.'s FTSE 100 was up 0.2 percent.

Belgian chemicals group Solvay fell 2.5 percent after unveiling new names for companies amid a demerger.

Travis Perkins, a British supplier of building materials, slumped 5.8 percent after lowering its full-year profit guidance, citing difficulties in the country's housing market.

Retailer Tesco fell about 1 percent after it reported a 9 percent rise in underlying U.K. sales in its latest quarter.

GSK added 1 percent. The drug maker said the U.S. Food and Drug Administration has extended the review period for its experimental drug momelotinib.

China-related stocks were moving higher, with LVMH and Hermes International both rising around 1 percent in Paris on hopes for additional Chinese stimulus.