European stocks advanced on Friday amid expectations that the Federal Reserve may announce two rate cuts next year to support growth.<\/p>\n
Investors shrugged official data showing that U.K. retail sales declined unexpectedly in October as a result of rising interest rates. <\/p>\n
Retail sales logged a 0.3 percent monthly drop but slower than the September’s revised 1.1 percent decrease. However, the fall confounded forecast of 0.3 percent gain.<\/p>\n
The eurozone final HICP data for October is slated for release later in the day, with investors looking for further proof of easing price pressures across the board. <\/p>\n
Inflation is forecast to ease to 2.9 percent, as initially estimated, from 4.3 percent in September.<\/p>\n
The pan European STOXX 600 was up 0.8 percent at 454.83 and eyed a weekly rise of 2.5 percent. <\/p>\n
The German DAX rose 0.6 percent, while France’s CAC 40 and the U.K.’s FTSE 100 both added around 0.8 percent.<\/p>\n
Italy’s top insurer Generali fell nearly 2 percent after a warning that it is seeing weaker demand amid signs of a global economic slowdown.<\/p>\n
Swedish auto maker Volvo Cars plunged 11 percent after its majority shareholder, China’s Geely, launched a sale of 100 million shares at a deep discount to the previous day’s closing price. <\/p>\n
FirstGroup rose nearly 3 percent. The British transport operator has announced partnership with Hitachi ZeroCarbon Limited as part of the company’s decarbonization program.<\/p>\n