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(Sharecast News) - European shares finished on a mixed note even after eurozone inflation fell sharply in August, boosting hopes that the European Central Bank would cut rates next month.
The pan-European Stoxx 600 edged up 0.09% higher to 525.05 points, but the German Dax drifted lower by 0.03% to 18,906.92 and the French Cac-40 by 0.13% to 7,630.95.
Euro/dollar meanwhile slipped by 0.22% to 1.1054.
Worth noting, some investors were looking ahead to the result of the regional elections in Germany at the weekend.
Inflation in the eurozone inflation fell sharply, plumbing a three-year low in August, boosting hopes that the European Central Bank will cut interest rates at its next monthly meeting.
Inflation plunged to 2.2%, in line with forecasts and down from July's 2.6%. The news came as Germany and Spain both reported bigger than expected reductions on Thursday.
Economists expect a quarter-point cut in the ECB's benchmark interest rate to 3.5% when policy makers meet on September 12. The ECB cut rates by the same amount in June as inflation moved towards the central bank's 2% target.
Hopes were boosted on Thursday after German and Spanish CPI reports showed better-than-expected falls in prices.
In Germany, preliminary data showed inflation eased to 2% in August, compared with the 2.3% forecast and July's 2.6% reading. Spain's preliminary harmonised inflation came in at 2.4% for August, down from than the previous month's 2.9%.
Elsewhere on the economic front, German import prices rose 0.9% in July year on year and up 0.7% from the previous month Federal Statistical Office Destatis said. Import prices in July 2024 fell by 0.4% on June 2024.
In equity news, Ambu slumped 16% after the Danish medical equipment maker reported third-quarter results.
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