BRUSSELS/FRANKFURT/PARIS, Nov 13 (Bernama-dpa-AFX) — European stocks closed higher on Wednesday, extending recent gains amid hopes the United States (US) government shutdown will end soon, possibly even by this Friday, reported dpa-AFX.
Expectations of a rate cut by the Federal Reserve next month, and data showing a smaller-than-expected increase in Germany’s consumer price inflation, also contributed to the markets’ positive close.
The pan-European Stoxx 600 climbed 0.7 per cent. The UK’s FTSE 100 edged up 0.12 per cent, Germany’s DAX gained 1.22 per cent, and France’s CAC 40 closed up by 1.04 per cent. Switzerland’s SMI ended up by 0.72 per cent.
Among other markets in Europe, Austria, Belgium, the Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Norway, Poland, Portugal, Spain, Sweden, and Turkey closed higher. The Netherlands and Russia ended weakly.
Data from Destatis showed Germany’s consumer price inflation weakened in October after rising for two straight months. The consumer price index logged an annual increase of 2.3 per cent, which was slower than the 2.4 per cent rise in September. The rate came in line with the estimate released on October 30.
Excluding food and energy, core inflation held steady at 2.8 per cent, as initially estimated. Monthly, consumer prices gained 0.3 per cent in October. EU harmonised inflation weakened to 2.3 per cent, in line with the estimate, from 2.4per cent in September.
Month-on-month, the harmonised index of consumer prices moved up 0.3 per cent, following a 0.2 per cent increase in September.
Other data from Destatis showed that wholesale price inflation softened to 1.1 per cent in October from 1.2 per cent in the previous month. Monthly, wholesale prices climbed 0.3 per cent, slightly faster than September’s 0.2 per cent increase.
–BERNAMA-dpa-AFX
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