London - European stocks consolidated near a 5½ year high on Thursday as indications that the US economy was strengthening and a bullish production update from Rio Tinto offset some weak trading in the consumer sector.
Basic resources shares rose 1% as Rio Tinto, the world's number 2 iron ore mining company, recorded big increases in production.
Also supporting sentiment, the Federal Reserve said in its Beige Book published late on Wednesday that the US economy continued to grow at a moderate pace from late November to the end of 2013, with some regions of the country expecting a pick-up in growth.
Inflation
Corporate figures in the European consumer sector, however, were less upbeat after both Dutch grocer Ahold and luxury group Richemont reported lower than expected quarterly sales, sending the shares down 2.6% and 3.4%..
The broader FTSEurofirst 300 index of pan-European shares was flat 1 339.84 early on Thursday after hitting a 5½ year high in the previous session.
Mike Reuter, global equity broker at Tradition, expected the market to tick higher as the day progressed, provided eurozone inflation data due later on Thursday did not disappoint.
Basic resources shares rose 1% as Rio Tinto, the world's number 2 iron ore mining company, recorded big increases in production.
Also supporting sentiment, the Federal Reserve said in its Beige Book published late on Wednesday that the US economy continued to grow at a moderate pace from late November to the end of 2013, with some regions of the country expecting a pick-up in growth.
Inflation
Corporate figures in the European consumer sector, however, were less upbeat after both Dutch grocer Ahold and luxury group Richemont reported lower than expected quarterly sales, sending the shares down 2.6% and 3.4%..
The broader FTSEurofirst 300 index of pan-European shares was flat 1 339.84 early on Thursday after hitting a 5½ year high in the previous session.
Mike Reuter, global equity broker at Tradition, expected the market to tick higher as the day progressed, provided eurozone inflation data due later on Thursday did not disappoint.