FTSE up 0.48%; DAX down 0.87%; CAC 40 down 0.93% (Il Sole 24 Ore Radiocor) - London, 25 Apr - European shares closed mostly lower after data showed that the US economy slowed in the first quarter of 2024 as inflation remained persistently high.

US gross domestic product grew by 1.6% in the first three months of the year, down from 3.4% in the previous quarter and well below expectations for growth of 2.5%. While consumer prices, excluding volatile energy and food, rose 3.7%, well above the previous quarter's growth rate of 2.0% and expectations for 3.4%.

The reading rekindled concerns over stubborn inflation and cast a cloud over whether the Federal Reserve will be able to cut its interest rates anytime soon.

All eyes now turn to tomorrow's PCE Price Index, the Fed's preferred gauge of inflation, to garner more insight into the scale of inflationary pressure.

Investors continued to monitor fresh earnings reports from European companies including Deutsche Bank, Nestle, BNP Paribas, Barclays and Airbus as the earnings season continues in full swing.

The London FTSE 100 closed up 0.48% at 8,078.86 points, the Frankfurt DAX dropped 0.87% at 17,916.15 points, the Paris CAC 40 fell 0.93% at 8,016.65 points, while in Milan the FTSE MIB lost 0.97% at 33,939.75 points, and in Madrid the IBEX 35 closed 0.41% lower at 10,982.50 points.

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(RADIOCOR) 25-04-24 18:01:42 (0588) 5 NNNN