European stocks experienced broad declines on Friday, following data indicating a rise in Eurozone inflation for the first time this year. Inflation reached 2.6 percent year-on-year in May, fueling concerns about the European Central Bank's approach to adjusting interest rates.
The pan-European STOXX 600 index edged down to 516.44, after a 0.6 percent gain on Thursday. Germany's DAX fell by 0.1 percent, France's CAC 40 remained mostly flat with a slight negative inclination, while the U.K.'s FTSE 100 increased by 0.4 percent, bolstered by data showing a rise in U.K. house prices for May following two consecutive months of decline.
U.K. house prices rose by 0.4 percent month-on-month in May, countering April's 0.4 percent decrease, demonstrating the housing market's resilience amidst ongoing affordability challenges, according to the Nationwide Building Society. Consequently, the annual house price increase more than doubled to 1.3 percent from April's 0.6 percent.
In corporate news, semiconductor giant STMicroelectronics N.V. saw a 0.5 percent drop as it announced plans to construct a new manufacturing facility in Catania, Italy, for the mass production of 200mm silicon carbide (SiC) wafers.
Telecom Italia's shares declined nearly 2 percent after U.S. investment firm KKR received unconditional EU antitrust approval for its acquisition of the telecom company's fixed-line network.
British construction firm Galliford Try Holdings saw its shares jump over 3 percent after winning two government contracts valued at £101 million.
Sportswear retailer JD Sports Fashion suffered a near 7 percent decline in its share price following the report of lower-than-expected full-year profits.
Online betting company Flutter Entertainment dropped 5.4 percent upon announcing the appointment of a new group Chief Financial Officer.
French automotive manufacturer Renault's shares fell by 1.4 percent after revealing a joint venture with Chinese partner Geely for the development of hybrid combustion engines.
