Europe stocks close higher as U.S. wholesale inflation falls; Burberry down 7%

European markets closed higher Friday, rounding off a largely negative week, as investors digested fresh U.K. economic data and a fall in U.S. wholesale inflation.

The Stoxx 600 index provisionally closed 0.77% higher, with most sectors trading in positive territory.

Retail stocks climbed 1.46% despite luxury British brand Burberry trading down 7% after the company issued a profit warning in response to slowing demand, sending other luxury lines lower in morning trade.

U.S. wholesale prices, measured in the producer price index, recorded an unexpected monthly decline of 0.1% in December. Prices were up 1% annually.

The U.S. consumer inflation report released Thursday had showed an increase in consumer prices of 0.3% on the month and 3.4% year on year, higher than forecast.

Meantime, fresh data Friday showed that the U.K. economy returned to growth in November, with gross domestic product beating expectations and expanding by 0.3%.

U.S. stocks slipped in morning trade.

In Asia, markets fell as China’s annual exports dropped for the first time in seven years, but Japan stocks bucked the trend to extend their record rally.

Source: https://www.cnbc.com/2024/01/12/european-markets-live-updates-stocks-news-and-us-inflation-data.html