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Daily Currencies News from DailyFX

Strong Consumer Price Growth in Europe


European stocks drifted around the flat line on Thursday but retailer Casino and mobile phone group Telefonica Moviles made strong gains.  The FTSE Eurofirst 300 eased 0.1% to 1,367.38 with the Xetra Dax in Frankfurt down 0.2% to 5,889.29 and the CAC-40 off 0.1% at 5,123.38, just below its highest for five years. The FTSE 100 was flat at 5,965.  The FTSE Eurofirst 300 edged to a 56-month high on Wednesday, lifted by rallying mining and oil stocks as well as merger and acquisition activity.  Telefonica Moviles leapt 6% to €11.11 as Telefonica declined to comment on report of a buyout. Telefonica fell 0.2% to €13.30. The La Gaceta newspaper said Telefonica could bid in the next few days for the 7.54% of the mobile phone arm it does not own.  Casino Guichard, the French supermarket retailer, soared 7.8% to €55.90, after it agreed to sell 42.39% of GMB. The holding company GMB controls Cora’s assets in France. The €850m sale is to Delhaize, Cora’s Belgian parent, which added 1.7% to €58.90.  The strongest sector in terms of weighting was autos, up 0.6%. BMW gained 2.7% to €43.85.

Bond prices slightly weakened across Europe on strong inflationary data.  French 10yrs sold at 96.110, German 10yrs exchanged for 98.400, and Italian 10yrs traded around 98.490.


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