- UK GDP rises in line with forecasts
- German business confidence falls
- US durable goods orders increase
- US consumer confidence declines
- Cameron calls for EU red tap cut
FTSE 100: 0.12%
CAC 40: -0.08%
FTSE MIB: -1.45%
IBEX 35: -1.04%
Stoxx 600: -0.09%
European stocks ended the week little changed following reports which showed a rise in UK economic growth and a fall in German business confidence.
The Office for National Statistics said UK gross domestic product (GDP) jumped 0.8% between July and September, compared to an increase of 0.7% between April and June, marking the biggest jump since the second quarter of 2010. The figure was in line with market expectations.
The Bank of England has noted the recent pick-up in the economy and jobs market, fuelling speculation of an earlier than expected increase in interest rates.
"A rise of 0.8% in UK GDP for the third quarter, in line with expectations, can only be construed as positive, particularly since it's the strongest pace of growth in over three years," IG said.
"However, the Bank of England Governor has been at pains to temper too much enthusiasm, and it is worth remembering that the UK economy is well below its pre-crisis peak: a whole 2.5% lower."
Meanwhile, Germany saw confidence decline slightly among the country's business executives for the first time in six months. The Ifo business climate index fell to 107.4 in October from 107.7, compared to a consensus estimate of 108.
The report follows the release Germany manufacturing purchasing mangers' index yesterday which rose slightly to 51.5 in October from 51.1 in September, exceeding the 51.4 consensus and the 50 mark that signals expansion.
"Both the October IFO business climate and PMI (flash) surveys still signal robust growth momentum of the German economy," Barclays said.
"For the final quarter of 2013, we continue to expect quarterly GDP growth of about 0.4% q/q, which is also our estimate for Q3 (a first official figure is due on November 14th)."
In the US, durable goods orders for September rose an unexpected 3.7%, boosted by a surge in volatile aircraft orders. It compared to a rise of 0.2% in August and the forecast for an increase of 2.3%.
US consumer confidence dropped in October to a 10-month low. The Thomson Reuters/University of Michigan final consumer sentiment index fell to 73.2 from 77.5 in September. Economists had pencilled in a reading of 75.
Cameron calls for relaxation of EU rules
Prime Minister David Cameron has called on European leaders to relax regulation that he says is hampering small businesses.
In a speech in Brussels for the second day of the European Union (EU) summit, he sought to cut the rules which critics consider overbearing and petty.
Cameron is trying to cut regulation as part of his campaign to convince British voters that remaining in the EU is in Britain's best interest before holding a so-called 'in-out' referendum. He has promised a referendum if he is re-elected in 2015.
Kering falls on disappointing Q3
Luxury-goods maker Kering declined after reporting a fall in third-quarter sales from continuing operations that missed analysts' expectations.
Chemical maker BASF climbed as third-quarter earnings rose to beat analysts' estimates.
Electrolux AB plunged after the maker of ovens and dishwashers posted quarterly profit that missed estimates.
Volvo dropped after posting a decrease in third-quarter earnings before interest and taxes.
Renault slipped as the French carmaker said third-quarter sales dipped due to weaker currencies in emerging markets.
Schneider tumbled after the maker of low- and medium-voltage equipment reduced its 2013 profit and revenue forecasts due to a stronger euro.
MorphoSys advanced after the German biotechnology company raised its earnings forecast for this year.
Other asset classes decline
The euro fell 0.04% to $1.3796.
Brent crude futures slipped $0.347 to $106.620 per barrel on the ICE.