In a significant turn of events, European stock markets experienced notable gains during trading on Friday. The Stoxx Europe 600 rose by an impressive 1.20%, while Germany's DAX climbed 1.89%. The FTSE 100 in London recorded a gain of 1.15%, France's CAC 40 increased by 1.16%, and the Swiss Market Index moved 0.80% higher, reflecting positive investor sentiment across the region. Focusing on Germany, the annual inflation rate held steady at 2.3% in February, consistent with the previous month.
This stability can be largely attributed to rising food prices, as reported by the Federal Statistical Office. This trend suggests that despite underlying inflationary pressures, the overall economic climate remains stable. In France, annual inflation saw a nominal increase of 0.8% in February, a significant shift after a 1.7% rise in January.
The Institute of Statistics and Economic Studies highlighted that this marked the first time in four years that annual inflation fell below 1%. Notably, monthly inflation remained unchanged, indicating a potential stabilizing economy. Turning to the UK, the monthly real gross domestic product (GDP) saw a slight decline of 0.1% in January, primarily driven by a downturn in the production sector, according to the Office for National Statistics.
However, for the three-month period leading to January, real GDP exhibited a growth of approximately 0.2%, attributed chiefly to advancements in the services sector. This disparity underscores the varied performance of different economic sectors across the UK. In corporate news, Rio Tinto, a leading mining company, faced collective bargaining initiatives at its Paraburdoo mine with over 400 workers represented by the Western Mine Workers Alliance.
They have successfully signed a petition endorsing collective bargaining practices. A spokesperson from Rio Tinto emphasized, 'Our existing approach helps drive productivity and wage growth. This model has proved beneficial for our workforce, our business, and the Australian economy, through job creation and sustained wage growth, as well as the disbursement of royalties.' In the energy sector, BP successfully halted a gas leak at its Greater Tortue Ahmeyim project situated off the coast of West Africa on March 12.
The company confirmed that 'Considering the low rate of release and the observed properties of the gas and condensate, the environmental impact of the release is currently assessed as negligible.' This reflects BP's ongoing commitment to environmental stewardship even amidst operational challenges. Meanwhile, Italy's Eni, a prominent player in the oil and gas sector, is currently under investigation by the Italian Competition Authority for alleged 'unfair commercial practice.' This investigation could have significant implications for Eni's operations and reputation within the competitive energy landscape.
Eni was unable to provide immediate comment on this issue when approached. In automotive news, European automaker Stellantis has made strides in the electric vehicle market through its Stellantis Pro One unit, which has reached an agreement to supply two electric light commercial vehicles to the Iveco brand for the European market.
The production of these vans is set to occur at Stellantis's facilities located in Italy, Poland, and France, showcasing the company's commitment to expanding its electric vehicle offerings in response to evolving consumer demands..