European stock markets closed mostly higher in Wednesday trading as the Stoxx Europe gained 0.15%. Germany's DAX remained flat, while the FTSE in London edged up 0.05%. France's CAC rose by 0.26%, but the Swiss Market Index saw a decline of 0.87%. The annual inflation rate in the euro area increased to 2.2% in November, up from 2.0% in October, though down from 2.4% a year earlier, as reported by Eurostat, the statistical office of the European Union.
The EU's annual inflation rate saw a rise to 2.5% from 2.3% in October but was down from 3.1% in November 2023. Ireland reported the lowest annual rate at 0.5%, while Lithuania and Luxembourg both had rates of 1.1%. In contrast, Romania led the highest annual rates at 5.4%, followed by Belgium at 4.8% and Croatia at 4.0%.
Compared to October, annual inflation increased in 20 member countries, decreased in four, and stayed unchanged in three. In the UK, the consumer prices index rose 2.6% in the 12 months to November, a slight increase from 2.3% a month earlier. On a monthly basis, CPI rose by 0.1%, compared to a 0.2% decline one year prior.
In corporate news, shares of French automaker Renault surged 5.2% in Paris following a Bloomberg News report stating that Honda Motor is in merger talks with Nissan Motor, of which Renault is the largest shareholder. Renault did not provide an immediate comment on the matter. Furthermore, British pharmaceutical company AstraZeneca faced challenges in China due to the arrest of its country president, Leon Wang, along with other senior executives, as reported by the Financial Times on Wednesday.
AstraZeneca has not responded to MT Newswires' request for comment. In a notable development in technology, a US International Trade Commission judge issued an initial ruling declaring that Swedish telecommunications company Ericsson’s patents in 5G wireless technology were infringed by Lenovo’s Motorola Mobility smartphones.
A final ruling in the case is anticipated in April, as reported by Reuters. The companies did not immediately respond to MT Newswires’ inquiries. Lastly, Danish pharmaceutical company Novo Nordisk announced that its controlling shareholder, Novo Holdings, has completed an all-cash acquisition of contract development and manufacturing firm Catalent for $16.5 billion, as confirmed by the companies on Wednesday..