European markets closed marginally lower Thursday as international investors continued to digest the latest U.S. economic figures and an interest rate hike in line with expectations in the U.K.
The pan-European Stoxx 600 index closed flat, having evened out earlier gains and losses.
Sectors were spread across positive and negative territory, with mining stocks making the biggest losses at 2.9%. Household goods led modest gains with a 1% uptick.
European markets
The Bank of England delivered a 25 basis point rate hike to 4.5% as expected, increasing rates for the 12th consecutive meeting as the central bank tries to tame inflation.
U.S. data Wednesday showed inflation rose 4.9% in April from a year ago, which was less than expected. Analysts polled by Dow Jones expected a 0.4% month-over-month increase in inflation and a 5% rise from a year ago. The increase shows prices are still sticky, however, even after a year's worth of Federal Reserve interest rate increases.
Asia-Pacific markets traded mixed overnight, while U.S. stocks were lower as investors assessed inflation and earnings data. The producer price index, the Federal Reserve's preferred inflation gauge that measures wholesale prices, increased just 0.2% in April.