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(Sharecast News) - European stocks rose to their highest levels in three weeks on Tuesday, though gains were only modest as investors digested a wave of economic data from the eurozone.
The Stoxx 600 index closed the day up 0.32% at 514.67, with small losses in London and a flat finish in Madrid was outweighed by gains elsewhere.
The pan-European benchmark has now risen in five of the past seven trading session and has reached levels not seen since 16 December.
In economic data, the annual rate of eurozone inflation rose as expected in December to a five-month high of 2.4%, according to a flash estimate published by Eurostat, after increasing for the third straight month. That's up from 2.2% in November and October's 2%. Core inflation, which strips out volatile items such as energy and food prices, held steady at 2.7%.
The eurozone unemployment rate was unchanged at a record-low level of 6.3% for the fourth month in a row, though the rate of youth joblessness stayed at 15% - its highest since October 2023.
Meanwhile, the S&P Global/HCOB eurozone construction PMI rose to 42.9 last month, up just 0.2 points from November but firmly below the 50-point neutral level. Activity in the sector has now been contracting for 32 months straight, as housebuilding continues to decline.
In other news, UK house prices fell in December 2024 for the first time since March but ended the year in the black, according to Halifax. House prices declined 0.2% following five consecutive monthly increases, and 1.2% growth in November. On an annual basis, prices were up 3.3%, down from 4.7% growth in November.
Sodexo, Next, Kion
Shares in Sodexo fell nearly 7% after first-quarter numbers at the French services giant missed expectations. The catering and facilities management specialist said revenues in the three months to November end rose 1.9% to 6.4bn, or by 4.6% on an organic basis. However, analysts had pencilled in revenues of 6.5bn.
Next shares gained 4% as the UK fashion retailer lifted guidance yet again but warmed of a slowdown in growth due to higher wage and national insurance costs.
German industrial company Kion surged 10% after announcing a warehouse technology deal with Accenture and chip giant Nvidia
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