(RTTNews) - European stocks traded flat to slightly higher on Friday but were on track to snap a three-week winning streak, heading into the Federal Reserve meeting next week.
Investors also await an announcement on the appointment of a new prime minister in France.
President Emmanuel Macron is set to announce the appointment today, the Elysee Palace confirmed after Macron missed his self-imposed Thursday deadline.
In economic releases, data from Destatis revealed earlier today that Germany's wholesale prices continued to decline in November, though at a slightly slower pace.
Wholesale prices decreased 0.6 percent year-on-year in November, slower than the 0.8 percent drop in October. Wholesale prices have been falling since May 2023, and the latest drop was the weakest in four months.
French consumer price inflation increased slightly as initially estimated in November, final data from the statistical office INSEE showed.
The consumer price index logged an increase of 1.3 percent annually in November, slightly up from 1.2 percent in October. The inflation rate came in line with the flash data published on November 29.
EU-harmonized inflation rose to 1.7 percent from 1.6 percent, as estimated. Elsewhere, data out of U.K. showed Britain's economy shrank for a second month in October, in a blow to the Labour government's economic agenda.
GDP declined by 0.1 percent month-on-month, below expectations of 0.1 percent growth. The weaker-than-expected growth data sent the pound tumbling and spurred bets of speedier rate cuts by the Bank of England next year.
The pan European STOXX 600 was down 0.1 percent at 518.55 and was on track to end the week about half a percent lower.
The German DAX rose 0.3 percent, France's CAC 40 edged up 0.2 percent and the U.K.'s FTSE 100 was marginally higher.
Pharma stocks traded lower, with Roche Holding and Sanofi SA falling around 1 percent each.
Swiss Re rallied 3.2 percent after the reinsurer said it is targeting net income of $4.4 billion for 2025.
Similarly, Munich Re shares jumped nearly 5 percent after the German reinsurer unveiled a profit target of €6bn for 2025, with group insurance revenue expected to reach €64bn.
Pricer AB, a Swedish electronic shelf label provider, jumped nearly 8 percent after its partner JRTech Solutions signed an agreement with Sobeys in Canada to install 5 million digital labels.
Portmeirion Group shares plummeted 15 percent in London. The retailer of homeware and fragrance products has issued a profit warning, citing challenging and unpredictable market conditions.
Tullow Oil tumbled 5 percent after U.S. oil company Kosmos Energy confirmed that it is in "very preliminary discussions" regarding a possible all-share offer for the London-listed explorer and production company.
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