European stocks were little changed on Friday as Treasury yields edged up on uncertainty about the rate outlook. <\/p>\n
The euro strengthened and regional bond yields edged higher after Bundesbank President Joachim Nagel said the European Central Bank must resist any temptation to cut interest rates early.<\/p>\n
Nagel also said he was “skeptical” about the risk of a ‘hard landing’ for the euro zone economy<\/span> caused by the monetary policy squeeze.<\/p>\n Elsewhere, Bank of England’s chief economist Huw Pill told the Financial Times that it was too early to declare victory in the battle against high inflation.<\/p>\n In economic releases, official data showed the German economy contracted slightly in the third quarter compared with the previous three months.<\/p>\n GDP declined 0.1 percent sequentially, confirming a first estimate, published in late October as the country languishes in a likely recession.<\/p>\n The German lfo business<\/span> climate index rose to 87.3 in November versus 87.5 expected. The pan European STOXX 600 was marginally lower at 458.22 but still remained on track for weekly gains. <\/p>\n The German DAX and France’s CAC 40 were marginally higher while the U.K.’s FTSE 100 dropped 0.3 percent.<\/p>\n Miners fell, with Anglo American, Antofagasta and Glencore falling around 1 percent.<\/p>\n Barclays edged up slightly after reports that the lender is mulling cutting around 2,000 jobs as part of plans to cut costs by as much as \u00a31 billion ($1.3 billion) over several years.<\/p>\n
GfK’s consumer confidence index improved this month, despite the ongoing cost-of-living concerns. <\/p>\n