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Europe close: Stocks finish off one-week highs
European stocks ended the session higher despite another stronger than expected reading on US inflation, in the former of the latest producer price data.
By the close of trading, the pan-European Stoxx 600 index was up by 0.53% or 1.98 points to 376.51, alongside an advance of 1.11% or 57.26 points to 5,222.52 for the Cac-40 and a gain of 0.28% or 61.89 points to 22,495.64 on the FTSE Mibtel.
Frankfurt's Dax on the other hand lagged behind, edging barely 0.06% higher at 12,346.17.
As on Wednesday, the strong reading on US producer prices may have been offset by a weaker-than-forecast print on a key activity indicator, namely on industrial manufacturing production.
Linked to the above, the degree of capacity utilisation in US industry came in at 77.5% for January, five tenths of a percentage point less than in the month before.
Shortly before the closing bell, David Madden at CMC Markets UK said: "European are looking to finish lower on the day as mid-morning gains have been handed back. The FTSE 100, DAX and CAC 40 reached one week highs earlier today, but since then investors have been locking in their profits and now the FTSE 100 and DAX are in the red.
"The mood remains optimistic despite the small bit of selling we has seen lately. It would appears that we are slowly recovering from the major declines of last week."
In corporate news, Airbus shares lead the risers with a gain of more than 10% as the company beat profit and earnings expectations. Other earnings results also boosted the market.
Medical equipment maker ConvaTec rallied as it reported better-than-forecast 2017 organic revenue growth of 2.3% to £1.76bn.
Old Mutual advanced as Renaissance Capital lifted the stock to 'buy'.
French pharmaceutical firm Ipsen was up on strong results, while compatriot Schneider Electric shares were also higher after the company reported a record net profit in 2017, driven by accelerating sales and increases in productivity as well as efficiency.
Standard Life Aberdeen was under the cosh as it said it was making an impairment charge of around £40m after Lloyds Bank announced it was withdrawing £109bn in funds controlled by its Scottish Widows investment arm.
Nestle shares were lower after the food company reported last year's organic growth was the weakest since 1996.
AstraZeneca fell after it and Merck & Co announced that the US Food and Drug Administration has granted Orphan Drug Designation (ODD) for selumetinib, a MEK 1/2 inhibitor, for the treatment of neurofibromatosis type 1 (NF1). The stock also went ex-dividend on Thursday.