Investing.com -- European stocks closed higher on Friday as investors digested the latest inflation figures for the eurozone.
Germany’s DAX index rose 1.1%, France’s CAC 40 gained 0.8%, and the UK’s FTSE 100 increased 0.1%.
Additionally, France’s risk premium equaled Greece’s for the first time, underscoring investor concerns over ongoing turmoil.
Eurozone inflation exceeds ECB target
Flash estimates from Eurostat revealed that eurozone inflation climbed from 2% in October to 2.3% in November, surpassing the European Central Bank's 2% target. This figure aligned with market expectations, as economists surveyed by Reuters had expected the same.
The inflation data supports a cautious approach by the ECB, which is widely expected to implement a 25-basis-point rate cut during its upcoming meeting on Dec. 12.
Anglo American (JO:AGLJ) shares jump
Shares of British mining giant Anglo American jumped roughly 5.1% on Friday following an upgrade from Jefferies, which revised its rating to "buy" from "hold."
Aviva (LON:AV) eyes Direct Line (LON:DLGD) in potential takeover move
British insurer Aviva has reportedly approached shareholders of its smaller rival, Direct Line, in a move that could signal intentions for a hostile takeover.
As reported by The Financial Times, the approach follows Direct Line’s rejection of Aviva’s initial cash-and-share offer, which the smaller insurer dismissed as “highly opportunistic” and undervaluing the company.
Aviva’s bid, submitted on November 19, reflects a growing trend of consolidation in the insurance sector. Direct Line’s rejection has set the stage for a potential standoff between the two firms, with shareholders now caught in the middle of a high-stakes negotiation.
Crude oil prices recover amid OPEC+ speculation
Oil prices had reversed most of their losses trading higher on Friday, before pulling lower once again as investors monitored developments regarding OPEC+’s production strategy following a four-day postponement of a critical virtual meeting.
By 11:50 ET, Brent crude declined 0.5% to $72.46 per barrel, while U.S. crude (WTI) was flat at $68.72 per barrel.