European stocks close higher as euro area inflation slows down

By Ovunc Kutlu

ISTANBUL (AA) - European stock exchanges closed higher Thursday as inflation in the euro area showed a slowdown.

Euro area annual inflation is expected to be 8.5% in February 2023, down from 8.6% in January, according to a flash estimate earlier from Eurostat, the statistical office of the EU.

The annual inflation in the euro area came in at 8.6% in January, down from a 9.2% year-on-year gain in December, the Eurostat announced last week.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, rose 2.34 points, or 0.51%, to finish at 460.02.

The UK's FTSE 100 added 29 points, or 0.37%, to end the session at 7,944. Germany's DAX 30, meanwhile, climbed 22 points, or 0.15%, to close at 15,327.

France's CAC 40 was the best performer of the day, rising 49 points, or 0.69%, to finish the day at 7,284.

Italy's FTSE MIB increased 82 points, or 0.3%, to 27,397.

Spain's IBEX 35 added 4.4 points, or 0.05%, to close at 9,327.