Sharecast - The pan-regional Stoxx 600 index was up 0.3% at 0700 GMT, with all major bourses in the green, despite a weak showing on Wall Street in response to Federal Reserve minutes that hinted any future moves on interest rates would hinge on credit conditions in the wake of recent turmoil in the banking sector.
German inflation continued to soften last month due to falling energy costs, with consumer prices rising by 7.4% on an annual basis, but lower than the 8.7% rate recorded in the first two months of the year, according to official data released on Thursday.
Prices of energy products increased 3.5% on year, a sharp decline from the 19.1% rise seen in February. Food prices continued to place pressure on consumers, rising 22.3% on an annualised basis and up from the 21.8% recorded in February.
Chinese exports unexpectedly spiked in March against forecasts of a contraction, as the world’s second-largest economy continued to recover from its zero-Covid policies and months of falling trade.
Dollar-denominated exports grew 14.8% year on year, after falling 6.8 per cent in January and February and against forecasts of a 7% contraction. Imports fell 1.4%, compared with expectations of a 5%.
In the UK, the economy stagnated in February as strikes dented productivity, according to figures released on Thursday by the Office for National Statistics.
There was zero growth, compared to 0.4% growth in January and versus expectations of a 0.1% increase. January’s growth was revised up from 0.3%.
In equity news, shares in luxury goods company LVMH (EPA:LVMH) gained as the owner of Moët, Hennessy and Louis Vuitton reported a 17% rise in global sales.
The sentiment also boosted sector peers Christian Dior and Richemont (LON:0QMU).
UK housebuilders all surged after a block upgrade by analysts at HSBC (LON:HSBA), with Vistry, Bellway (LON:BWY), Taylor Wimpey (LON:TW) and Persimmon (LON:PSN) higher.
Reporting by Frank Prenesti for Sharecast.com
