European Shares Rise As Inflation Falls More Than Expected

(RTTNews) - European shares traded higher on Friday, as positive inflation and labor market data helped ease concerns around economic recovery and interest-rate hikes. Hopes of more policy stimulus from China also boosted sentiment.

Eurozone consumer inflation fell to 5.5 percent in June from 6.1 percent 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 percent 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 jumped 0.8 percent to 460.21 after inching up 0.1 percent on Thursday.

The German DAX, France's CAC 40 and the U.K.'s FTSE 100 were up between 0.6 percent and 0.9 percent.

Higher copper prices boosted mining stocks, with Antofagasta and Glencore rising about 1 percent each.

Oil & gas giant BP Plc advanced 1.5 percent and Shell added 0.6 percent.

Barratt Developments gained about 1 percent. The housebuilder has agreed to sell 604 homes to Citra Living Properties, a unit of Lloyds Banking Group plc in a future sale agreement. The total cash consideration is 168.4 million pounds.

German sportswear maker Adidas rose about 2 percent and Puma jumped 2.6 percent despite Nike forecasting first-quarter revenue below analyst expectations on Thursday.

Property firm LEG Immobilien SE soared almost 4 percent after lifting its outlook for 2023.

Sodexo fell over 2 percent despite the French catering and food services group raising the full-year outlook of its voucher business for the second time this year.