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European Stocks End Mixed as UK Inflation Hits 2.5% in March

By Investors Hub

European stocks have turned mixed on Wednesday after figures released by Eurostat showed the region’s consumer price inflation rose more slowly than first estimated in the 12 months through March.

Consumer prices in the Eurozone rose 1.3 percent in March from a year earlier, a tad lower than then initial estimate of 1.4 percent.

Additionally, U.K. inflation hit a one-year low of 2.5 percent in March compared to 2.7 percent in February, according to the latest figures from the Office for National Statistics.

While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index is up by 0.3 percent and the U.K.?s FTSE 100 Index is up by 0.9 percent.

Dutch semiconductor equipment maker ASML Holding has moved lower, erasing initial gains. The company confirmed its 2018 outlook after reporting an increase in first quarter net income to 539.7 million euros from last year’s 452.1 million euros.

Brewer Heineken N.V. has tumbled after its first quarter profit declined to 260 million euros from 293 million euros in the previous year on a reported basis.

Auto stocks are also broadly lower after industry data showed European passenger car sales decreased 5.3 percent year-on-year to 1.79 million units in March.

CYBG shares have plunged after the owner of Clydesdale Bank said it expects to set aside another 350 million pounds toward costs related to payment protection insurance.

Meanwhile, Danone shares have rallied after the French food group confirmed its 2018 guidance after reporting a 5 percent increase in first quarter like-for-like sales.

Property development and investment company Hammerson has also jumped on news the company’s board has withdrawn its backing for the takeover of smaller U.K. mall owner Intu.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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