European shares closed higher last Friday as investors digested economic data from the region, including a preliminary reading of second-quarter GDP in the UK, July inflation prints in France, Spain and Italy and industrial production in the euro zone in June.
Camilla Cerea | Bloomberg via Getty Images
European markets will open in positive territory on Monday, continuing the positive trend observed at the close of last week’s quotes.
European shares closed higher last Friday as investors digested economic data from the region, including a preliminary reading of second-quarter GDP in the UK, July inflation prints in France, Spain and Italy and industrial production in the euro zone in June.
Data released from the UK showed the economy contracted in the second quarter of 2022 as the country’s cost of living crisis hit home. Official figures show gross domestic product shrank 0.1% quarter-on-quarter in the second quarter of the year, less than the 0.3% contraction expected by analysts.
Also on investors’ minds was cooler-than-expected US inflation data last week. The consumer price index rose 8.5% in July from a year ago, below expectations, mainly due to falling energy prices.
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