European stock markets closed higher on Friday afternoon after a mixed start to the day, as investors weighed the latest inflation data from the euro zone.
The Stoxx 600 index ended the day up by 0.58%, with most sectors and major European exchanges showing positive gains. The index also closed the month 0.96% higher, recovering from a poor performance in October, which had been its worst monthly result in a year.
Technology stocks saw the most significant gains, rising 1.8%, while the telecommunications sector dropped by 0.19%. Mining stocks also performed well, with a 1.47% increase. Anglo American led the mining sector, up 5.4%, followed by Antofagasta and Glencore, both of which gained more than 1%.
The French CAC 40 index remained largely unchanged, amid ongoing political uncertainty. This follows the country’s risk premium reaching levels similar to Greece’s for the first time.
Inflation in the euro zone rose from 2% in October to 2.3% in November, according to flash data from Eurostat. This figure surpassed the European Central Bank’s target of 2%, supporting the argument for a more cautious interest rate cut at the ECB’s upcoming meeting on December 12.
In France, harmonized inflation for November was 1.7%, slightly higher than 1.6% in October, in line with economists’ expectations.
Meanwhile, U.S. stock markets saw positive movement in the morning session, following the Thanksgiving holiday, while Asia-Pacific markets mostly closed lower, led by losses in South Korean stocks. Inflation data from Tokyo heightened expectations of a potential rate hike from the Bank of Japan.
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