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European Equities Close Higher in Friday Trading; German GDP Ends 2023 in 'Negative Territory'


Last updated: 02/23/2024 12:22:29

12:22 PM EST, 02/23/2024 (MT Newswires) -- European stock markets closed higher in Friday trading as the Stoxx Europe 600 gained 0.43%, the Swiss Market Index rose 0.97%, France's CAC increased 0.70%, the FTSE in London was up 0.28%, and Germany's DAX closed 0.28% higher.

According to the European Central Bank's latest consumer expectations survey, the median rate of perceived inflation over the previous 12 months decreased for the fourth straight month in January to 6.0% from 6.9% in December. However, median expectations for inflation over the next 12 months increased to 3.3% from 3.2%, while expectations for inflation three years ahead remained unchanged at 2.5%.

In Germany, gross domestic product contracted 0.3% in Q4 compared with Q3, according to the German Federal Statistical Office.

"The German economy ended 2023 in negative territory," FSO President Ruth Brand said in a release. "In the final quarter, declining investment slowed the economy, while consumption increased slightly."

In France, the number of businesses created rose 2.7% January after declining 1.5% in December, according to the Institute for Statistics and Economic Studies.

In Switzerland, total employment in Q4 increased 1.7% compared with the year-earlier quarter, according to the Swiss Federal Statistical Office.

And in corporate news, Renesas Electronics Corporation said Friday that it has terminated its offer to acquire French semiconductor company Sequans Communications (SQNS). The Japanese semiconductor said it made the decision after it received an adverse tax ruling in Japan regarding the proposed takeover.

Shares of UK bank Standard Chartered led the gainers on the FTSE, rising nearly 5% in London after it reported Friday a rise in annual profit and announced a new $1 billion buyback program.
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