European equities edged lower on Friday, even as new data signaled that inflation across the Eurozone continued to moderate in October, largely reflecting another drop in energy costs.
According to a preliminary estimate from Eurostat, the harmonized index of consumer prices rose 2.1% year-on-year in October, easing slightly from 2.2% in September and matching economists’ forecasts.
The core inflation rate, which excludes volatile items such as energy, food, alcohol, and tobacco, remained stable at 2.4%, defying expectations for a minor decline to 2.3%.
Earlier in the session, French inflation data showed further moderation, slipping below the European Central Bank’s 2% target, even as the country’s economy delivered an unexpectedly solid performance.
In equity markets, the German DAX Index fell 0.3%, while both the U.K.’s FTSE 100 and France’s CAC 40 lost 0.2% each.
On the corporate front, several major movers stood out. Fuchs (TG:FPE3), the German lubricants manufacturer, jumped after posting better-than-expected third-quarter earnings. Norway’s Aker Solutions (BIT:1AKRO) also traded sharply higher on strong quarterly results, while Danske Bank (TG:DSN) advanced after delivering a profit beat for the same period.
In contrast, French insurer AXA (EU:CS) slipped after reporting a 6% increase in gross written premiums and other revenues for the first nine months of the year, a result that investors viewed as underwhelming.
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