European Stocks Close On Buoyant Note On Strong Economic Data

(RTTNews) - European stocks closed higher on Friday as data showing a slowdown in eurozone inflation, and strong U.S. economic data helped offset concerns about higher interest rates.

Also, weak Chinese factory data raised expectations of additional stimulus to aid the nation's economic growth.

Eurozone consumer inflation fell to 5.5% in June from 6.1% in May, according to preliminary data from the European Union's statistics agency Eurostat.

At the same time, the region's unemployment rate held steady at 6.5% in May, matching expectations.

Germany's retail sales increased for the second straight month in May while the county's unemployment increased more than expected in June, separate reports showed.

Elsewhere, British house prices fell by the most since 2009 in the 12 months to June, mortgage lender Nationwide said.

The pan European Stoxx 600 climbed 1.16%. The U.K.'s FTSE 100 advanced 0.8%, Germany's DAX surged 1.26% and France's CAC 40 gained 1.19%. Switzerland's SMI ended 0.98% up. All the indexes posted strong monthly and quarterly gains.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Iceland, Ireland, Spain and Sweden ended with sharp to moderate gains.

Finland, Greece, Netherlands, Norway, Portugal and Turkiye closed with modest gains. Poland and Russia ended flat.

In the UK market, Ocado Group rallied 5.15% and Hargreaves Lansdown climbed about 4.1%. Centrica, Entain, IMI, RS Group, Croda International, Rentokil Initial, Prudential, Natwest Group, St. James's Place, Fresnillo and DCC gained 2 to 3.3%.

Airtel Africa dropped about 2.2%. United Utilities ended 1.5% down and Severn Trent declined 1.04%.

In the German market, Sartorius gained nearly 4.5%. Puma, Infineon, Siemens Energy, Vonovia, Siemens Healthineers and Adidas gained 2.5 to 3.25%.

Symrise, Fresenius, Commerzbank, Qiagen, Brenntag, Covestro, Fresenius Medical Care, Munich RE, SAP and Hannover Rueck also posted strong gains.

In Paris, Eurofins Scientific climbed nearly 3%. Unibail Rodamco, Essilor, Legrand, Dassault Systemes, Capgemini, STMicroElectronics and Schneider Electric gained 2 to 2.5%.