Markets in Europe got off to a positive start Wednesday, but ended the session with mixed results. Retailers struggled following the release of some mixed sales data. Meanwhile, bank stocks were among the best performers of the session.
Economic results from the Eurozone were largely positive today. Inflation rose at the fastest pace in over three years, while the private sector logged its fastest growth since May 2011.
Investors will be watching for the release of the minutes from the December meeting of the Federal Reserve later today. Traders will be looking for clues regarding the central bank's outlook for future rate increases.
The pan-European Stoxx Europe 600 index weakened by 0.92 percent. The Euro Stoxx 50 index of eurozone blue chip stocks increased 0.08 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.05 percent.
The DAX of Germany and the CAC 40 of France finished with gains of 0.00 percent. The FTSE 100 of the U.K. gained 0.17 percent and the SMI of Switzerland finished higher by 0.46 percent.
In Frankfurt, Deutsche Bank climbed 2.85 percent.
In Paris, BNP Paribas increased 1.42 percent.
In London, Next plunged 18.02 percent. The retailer cut its profit guidance for the current financial year after reporting a drop in sales over the key Christmas period.
Shares of Associated British Foods tumbled 4.92 percent and Marks and Spencer Group fell 6.18 percent. Burberry weakened by 1.87 percent and Debenhams sank 10.30 percent.
B&M European Value Retail soared 9.46 percent after it delivered its "best-ever" Christmas trading, logging 7.2 percent growth in U.K. like-for-like sales in its third quarter.
Credit Suisse climbed 3.47 percent in Zurich after an upgrade by analysts at Barclays.
Novartis dropped 0.93 percent after JP Morgan downgraded its rating on the stock to "Neutral" from "Overweight."
Novo Nordisk fell 1.01 percent after JP Morgan downgraded the stock to "Neutral" from "Overweight."
Eurozone inflation rose at the fastest pace in more than three years at the end of 2016 on higher energy and food prices.
Inflation increased more-than-expected to 1.1 percent in December from 0.6 percent in November, flash data from Eurostat revealed Wednesday. Inflation was expected to rise to 1 percent. A similar higher rate was last seen in September 2013.
The euro area private sector logged its fastest growth since May 2011, final data from IHS Markit showed Wednesday. The composite output index rose to 54.4 in December from 53.9 in November, signaling faster rate of expansion than the earlier flash estimate. Initially, the score was seen unchanged at 53.9.
French consumer sentiment held steady at its highest level in more than nine years in December, the statistical office Insee reported Wednesday. The consumer confidence index came in at 99.0 in December, the same reading as in November, which was revised up from 98.0. The figure also matched consensus estimate.
U.K. mortgage approvals increased to an eight-month high in November, the Bank of England reported Wednesday.
The number of mortgage approvals rose to 67,505 in November from 67,371 in October. This was the highest since March 2016, when approvals totaled 70,076. However, it was below the expected level of 68,500.
British construction activity expanded at the quickest pace in nine months in December, driven by an accelerated upturn in new work, survey results from IHS Markit and the Chartered Institute of Procurement & Supply showed Wednesday.
The Markit/CIPS Construction Purchasing Managers' Index rose to 54.2 in December from 52.8 in November.
Chinese consumer confidence improved in December, led by a bounce-back in consumers' optimism about their expected personal finances, results of a survey by the Deutsche Boerse Group's MNI Indicators showed Wednesday.
The Westpac MNI consumer sentiment indicator rose to 116.6 in December from 114.9 in November. In October, the reading was 117.1.
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