European Stocks Tracking Higher in Friday Trading Amid US-Iran Ceasefire Talks; German Inflation Rises in March
The European stock markets were moving modestly higher Friday amid reports that US and Iran ceasefire negotiators will meet in Islamabad, Pakistan, on Saturday.The Stoxx Europe was up 0.5%, Germany's DAX was rising 0.2%, the FTSE 100 was increasing 0.1%, France's CAC was gaining 0.3%, and the Swiss Market Index was moving 0.3% higher.Mining stocks were tracking higher as Antofagasta and Fresnillo were rising 3.4% and 2.1% respectively in London, while Heidelberg Materials gained 3.2% in Frankfurt. ArcelorMittal was up 2.8% in Paris, and Boliden rose 2.1% in Stockholm.The inflation rate in Germany, as measured by the annual change in the consumer price index, surged in March to 2.7% from 1.9% in February, according to the Federal Statistical Office (Destatis). It's the highest rate since January 2024 when the CPI was 2.9%."The significant increase in the prices of energy products is driving up inflation," Destatis President Ruth Brand said in a statement. "In particular, motor fuel and heating oil prices have risen sharply for consumers since the start of the Iran war."And in corporate news, Switzerland's criminal court said Friday it has discontinued a proceeding against UBS in connection with alleged money laundering in a case involving Mozambican state-owned companies.The case stemmed from alleged criminal behavior by Credit Suisse, which UBS took over following its 2023 collapse.The court cited "procedural obstacles" for abandoning the case, "because Credit Suisse lost [its status] as a criminal legal entity through the merger with UBS," according to a translation of the official statement."We welcome the court's recognition that UBS cannot be held liable in this matter, as such liability cannot be transferred to a legal successor through a merger," a UBS spokesperson toldin an emailed statement.Shares of the Swiss bank were moving 1% higher in Zurich.TotalEnergies said Friday the SATORP refinery in Saudi Arabia was impacted by the recent Middle East conflict, damaging a processing train.Although there were no casualties, the units were shut down as a safety precaution, the company said. SATORP is jointly owned by TotalEnergies and Saudi state oil giant Aramco.Shares of the French oil and gas company were off 1% in Paris.GSK has withdrawn its application for a drug supported by President Donald Trump as a potential treatment for autism symptoms, the Wall Street Journal reported Thursday, citing a regulatory filing.The British drugmaker asked the US Food and Drug Administration to pull out its application for the drug leucovorin calcium as it does not market the medicine, months after submitting it at the request of health officials.Shares of the British pharmaceutical company were increasing 0.7% in London.HSBC and Anchorpoint Financial, a Standard Chartered joint venture, have been granted stablecoin issuer licenses by the Hong Kong Monetary Authority, the regulator said Friday.The licenses have been granted under the stablecoins ordinance to issue stablecoins in Hong Kong, according to the regulator. The licensees plan to complete the required documentation and launch business in the coming few months, the Monetary Authority said.Shares of the British bank were up 0.5% in London.