11/8/2023, 5:30 PM (Source: TeleTrader)
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Europe closes mostly higher after economic data

Major European markets closed mostly higher on Wednesday following the release of a new batch of economic data and fresh updates on the global geopolitical situation.

Earlier in the day, German statistics office Destatis confirmed that inflation stood at 3.8% in October. In addition, Eurostat stated that eurozone retail trade fell 0.3% in September, and the European Central Bank (ECB) revealed that eurozone consumer inflation expectations for the next 12 months surged to 4%.

At the close, the German DAX rose 0.47%, with Continental AG being the best performer, up 3.98%. The French benchmark CAC 40 added 0.70%, while L'Oreal improved by 2.50%. The pan-European Euro Stoxx 50 improved by 0.58%, and Adyen was leading the gains, rising by 3.83%. The British FTSE 100 declined 0.12%, as ITV dropped by 5.98%.

On the currency front, the euro was up by 0.12% against the dollar at 5:28 pm CET, selling for $1.07075. In comparison, the pound was flat to go for $1.22939.

Baha Breaking News (BBN) / JG