LONDON – European shares were higher on Friday as a global stock market selloff eased as investors awaited U.S. inflation data.
Pan-European Stoke 600 It was last up 0.53%, with most sectors and major exchanges in the green.
Mining and oil and gas stocks led the gains, ending up 1.47% and 1.43% respectively, while food and beverage stocks fell 0.5%.
German auto stocks recovered from losses earlier in the day and ended up 0.41% higher. Benz Said it was narrowing its annual profit margin forecast.
British bank NatWest reported a smaller-than-expected fall in first-half pre-tax operating profit, sending the bank’s shares up 7%.
European stocks have ended lower over the past two trading days as technology stocks fell sharply, with Wall Street’s tech-heavy Nasdaq index down more than 3% for the week.
Overall, the Stoxx’s losses eased from last week, which saw the region’s index post its worst performance since October.
The most important item of data on Friday is the U.S. personal consumption expenditures price index, due out at 8:30 a.m. ET, as investors seek more support for high expectations of a September interest rate cut. Economists surveyed by Dow Jones expected the overall data to grow at an annual rate of 2.5% and a monthly growth rate of 0.1%.
Asia-Pacific markets rebounded sharply on Friday, with Tokyo’s overall inflation rate slowing slightly to 2.2% in July from 2.3% in May. U.S. stock index futures were higher in early trade.
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