11:39 AM EDT, 10/16/2026 (MT Newswires) -- The European stock markets closed higher in Friday trading despite readings showing inflation in the euro area and the European Union surged in September.

The Stoxx Europe rose 0.7%, Germany's DAX gained 1.1%, the FTSE 100 increased 0.4%, France's CAC advanced 0.4%, and the Swiss Market Index was up 0.3%.

The euro area annual inflation rate rose to 3.8% in September, from 3.2% in August and 2.2% a year earlier, according to Eurostat, the statistical office of the European Union. The annual inflation rate was 3.8% in the EU in September, up from 3.2% the previous month and 2.6% a year earlier.

The lowest annual rates were in Sweden (1.0%), Hungary, and Denmark (each at 2.1%), while the highest rates were in Romania (6.5%), Lithuania (6.1%) and Bulgaria (5.6%). Compared with August, the inflation rate rose in 23 member countries, fell in one, and was unchanged in three.

In corporate news, Shell has signed an agreement to sell its mobility business in France to DCC Energy, Reuters reported Friday, citing a person familiar with the matter and documents.

The deal is expected to close in Q2 2027, subject to finalization and consultation with employee representatives, Reuters said. The transaction would include about 70 sites, eight liquefied natural gas installations and the transfer of 35 employees, Reuters reported.

Shell confirmed that it is considering a sale of its retail forecourts business in France, Reuters added.

Financial terms were not disclosed.

In a statement emailed to MT Newswires, Shell said it is considering a sale of its retail forecourts business in France but is unable to comment further at this stage.

Shares of the oil and gas major gained 0.8% in London.

Ascendis Pharma said Friday that the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended marketing authorization in the European Union for once-weekly TransCon CNP to treat achondroplasia in children two years and older whose epiphyses are not closed.

The pharmaceutical company said the positive opinion is based on a review that included clinical data from three randomized, double-blind, placebo-controlled clinical trials, as well as up to three years of open-label extension data.

Ascendis said it expects a final decision from the European Commission in Q4.

The company also said that if approved, it expects to launch TransCon CNP under the brand name Yuviwel in Germany in Q1 2027.

Shares of Ascendis Pharma were flat in Frankfurt.

Primary dealers act as trading counterparties to the New York Fed in its implementation of monetary policy.

Shares of the British lender fell 1.2% in London.

Equinor has exercised options for two additional wells for the Deepsea Atlantic, extending its firm contract to late Q4 2027, Odfjell Drilling said Friday.

The additional wells will be completed at the pricing agreed in the original contract.

Shares of the Norwegian petroleum refiner increased 0.8% in Oslo.

http://www.mtnewswires.com
Copyright © 2026 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.