European Shares Inch Higher As Eurozone Inflation Slows

(RTTNews) - European stocks traded slightly higher on Friday after data showed Eurozone inflation has fallen sharply from 8.5 percent to 6.9 percent to reach its lowest level for a year in March following a decline in energy costs.

The region's jobless rate held steady at a record low of 6.6 percent in February, while German retail sales fell unexpectedly in February by 1.3 percent in real terms compared to the previous month, separate reports showed.

Elsewhere, data showed Britain's economy grew modestly at the end of 2022 to avoid a technical recession.

The pan European STOXX 600 rose 0.2 percent to 455.59 after rallying 1 percent on Thursday.

The German DAX and the U.K.'s FTSE 100 both gained around 0.2 percent, while France's CAC 40 index added 0.3 percent.

Investors await the U.S. inflation reading contained in the personal income and spending report later in the day after three Fed officials kept the door open to more rate hikes.

In corporate news, Sartorius plunged 6.6 percent after the German pharmaceutical and laboratory equipment supplier announced its acquisition of Polyplus for about 2.4 billion euros.

Wind turbine manufacturer Nordex lost 4.7 percent after posting a wider loss for 2022.

ArcelorMittal edged up slightly in Amsterdam. The company said its Indian steelmaking joint venture with Asian peer Nippon Steel Corp as entered into a $5 billion loan deal with a consortium of Japanese lenders.

Funeral service provider Dignity fell about half a percent in London after posting a FY loss.

3i Infrastructure was moving higher after reporting half-yearly income in line with expectations.