European Shares Broadly Higher After Inflation Data

European stocks were broadly higher on Friday after data showed Eurozone manufacturing PMI fell less than expected in June.

Meanwhile, Eurozone inflation accelerated further in June to a new record high on surging energy prices, flash data from Eurostat showed.

The harmonized index of consumer prices rose an annual 8.6 percent in June, faster than the 8.1 percent rise in May and economists’ forecast of 8.4 percent.

Elsewhere, U.K. manufacturing lost more steam in June, with activity rising at the slowest pace in two years and new orders falling for the first time since January 2021, a survey showed.

The pan European Stoxx 600 was up 0.1 percent at 407.66 after tumbling 1.5 percent on Thursday amid worries about surging prices and declining growth.

ECB policymaker and fiscal hawk Robert Holzmann said in an interview with Austrian newspaper Oberoesterreichische Nachrichten that he would have preferred earlier moves on interest rates than the ECB’s current plan to raise them in July for the first time in more than a decade.

The German DAX rose 0.3 percent, France’s CAC 40 index gained 0.4 percent and the U.K.’s FTSE 100 was up 0.3 percent.

Dutch semiconductor equipment maker ASML lost 2.6 percent and Germany’s Infineon Technologies dropped 1.6 percent following a significantly weaker than expected business outlook by U.S. memory-chip firm Micron Technology Inc.

Siemens AG shares were slightly lower. The conglomerate said it expects to book non-cash impairment of about 2.8 billion euros on its investment in Siemens Energy AG. Shares of the latter advanced 1.6 percent.

Sodexo rallied 2.8 percent. The French catering and food services group confirmed its FY outlook after reporting a 23 percent rise in Q3 revenues.

Lottery operator La Francaise des Jeux plunged almost 8 percent after Citigroup downgraded the stock to “sell”.

Shell rose about 1 percent in London as Russia moved to seize the rights to its gas project in Russia.

Miners Anglo American, Antofagasta and Glencore all fell over 1 percent after a slew of surveys showed Asian manufacturing activity stalled in June.

Gene and cell therapy company Oxford Biomedica surged 4.6 percent after it signed a new three-year master services & development agreement with AstraZeneca U.K.

Vertu Motors, an automotive retailer, added 1.7 percent after it acquired Wiper Blades Limited, an e-commerce business focused on on-line sale of car wiper blades and other products, for a cash consideration of 3.5 million pounds.

TUI jumped 5 percent. The travel and tourism company said it has again repaid state aid from the Corona program and also reduced credit lines.

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