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European Stocks Under Pressure on US Inflation Data

By investors Hub

European stocks have come under pressure following the release of the U.S. inflation data after moving to the upside earlier in the session.

While the German DAX Index has fallen by 0.8 percent, the French CAC 40 Index is down by 0.5 percent and the U.K.?s FTSE 100 Index is down by 0.3 percent.

Swiss bank Credit Suisse has jumped after revealing that its fourth quarter net loss narrowed from last year.

Sky Plc and BT Group have also moved higher in London after they agreed to pay 4.464 billion pounds to secure the broadcast rights for the bulk of Premier League football games from the 2019/20 season.

Food group Danone has moved higher on news company intends to sell part of its 21.3 percent stake in Japan-listed Yakult Honsha Co.

Meanwhile, German steelmaker Thyssenkrupp has moved lower after its first quarter profits and revenue came in lower than estimated.

Galliford Try has also come under pressure on equity dilution worries after the construction group and homebuilder announced a 150 million capital raising to help cover the impact of Carillion’s liquidation.

On the data front, the euro area economy grew at a slightly slower pace in the fourth quarter, flash estimate published by Eurostat showed.

GDP climbed 0.6 percent sequentially following the third quarter’s 0.7 percent expansion. The growth came in line with the preliminary flash estimate published on January 30th.

Eurozone industrial production for December rose 0.4 percent month-on-month, beating forecasts for 0.2 percent growth.

Separate reports showed German consumer price index rose 1.6 percent year-on-year in January after a 1.7 percent increase in December, while the German economy grew 0.6 percent sequentially in the fourth quarter, in line with expectations but slightly slower than the 0.7 percent expansion in the third quarter

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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