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.
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…