Investors digest Fed pivot, inflation, economic data

 Investors digest Fed pivot, inflation, economic data

European stocks were relatively flat on Friday morning, but look set to end the week in positive territory as global markets digest a hawkish pivot from the U.S. Federal Reserve.

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On the data front, May’s U.K. retail sales fell 1.4% month on month, official statistics revealed Friday, falling short of the 1.6% expansion expected by economists in a Reuters poll. The Office for National Statistics said food stores contributed most prominently to the surprise decline. The pound tumbled to a new six-week low on the back of the dip.

Meanwhile, the German Producer Price Index (PPI) rose 1.5% month on month in May, vastly outstripping the 0.7% consensus forecast. On an annual basis, the PPI was 7.2% against a projection of 6.4%.

In terms of individual share price movement, British car dealer Inchcape climbed more than 6% in early trade to lead the Stoxx 600 after raising its 2021 profit…

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