European markets rise amid eurozone data
Inflation rose to 0.9 percent in November from a four-year low of 0.7 percent in October.
LONDON (AFP) - European stock markets rose on Friday while the euro traded mixed as traders reacted a batch of eurozone economic data and changes to country credit ratings.
London s benchmark FTSE 100 index climbed 0.31 percent to 6,675.24 points in early afternoon deals.
Frankfurt s DAX 30 edged up 0.05 percent to 9,392.06 points and in Paris the CAC 40 gained 0.13 percent to 4,307.89 compared with Thursday s close.
Madrid s IBEX 35 expanded 0.51 percent to 9,908.20 points.
"It s been quite a busy start to the European session on Friday, with a whole host of economic releases and ratings upgrades boosting investor sentiment," said Craig Erlam, market analyst at Alpari traders.
"Today s US session is likely to be extremely quiet, with volumes being hit as a number of traders turn the Thanksgiving holiday into a long weekend."
Global rating agency Standard & Poor s upgraded its outlook for Spain s debt on Friday, highlighting the prospects for export-led growth in the eurozone s fourth-largest economy.
S&P also raised its sovereign debt rating for Cyprus to B- from CCC+, saying that fears of the island reneging on bailout terms had receded.
But citing weak growth prospects, it downgraded the Netherlands to "AA+" -- causing the eurozone member to drop out of the exclusive club of "AAA".
"Fairly meagre growth across Europe continues merely to prevent any further job losses but isn t strong enough to actually create new ones," added Peregrine & Black trader Markus Huber.
Eurozone unemployment eased off record highs in October, official data showed on Friday -- a modest improvement in line with other recent data, but youth jobless numbers edged up.
Unemployment in the 17-nation single currency bloc fell to 12.1 percent in October from 12.2 percent in September, the Eurostat statistics agency said.
Total people out of work dropped by 61,000 to 19.3 million.
The data, published alongside improving eurozone inflation figures, offered only modest respite as the bloc struggles to get back on track after a record recession, analysts said.
"The uptick in inflation will ease concerns about deflationary risks," said Martin van Vliet of Global Economics ING.
"But with high unemployment keeping wage growth down, disinflationary pressures... remain firmly in place."
Inflation rose to 0.9 percent in November from a four-year low of 0.7 percent in October which had stoked concerns the bloc risked a damaging cycle of falling prices.
In foreign exchange, the euro fell to $1.3610 from $1.3622 late in New York on Thursday.
The European single currency edged up to 139.26 yen from 139.23 yen on Thursday, when its hit also a five-year high at 139.71 yen.
On the London Bullion Market, the price of gold dipped to $1,244.65 an ounce from $1,245.50 on Thursday.
Asian stock markets ended mixed on Friday, with Japanese investors cashing in after the Nikkei has reached a near six-year high this week.
The yen edged down against the dollar, and against the euro sat at lows not seen since the beginning of the financial crisis after official figures showed Japanese inflation at a more than 15-year high.
