European stocks closed higher last Friday as investors digested economic data from the region, including a preliminary reading of UK second-quarter GDP, impressions of July inflation in France, Spain and in Italy and industrial production in the euro zone for June.

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European markets were mixed on Monday, struggling to build on a positive trend seen at the close of trading last week.

The pan-European Stoxx 600 hovered slightly above the flatline mid-afternoon after a choppy day that saw 0.4% gains erased. Oil and gas stocks fell 2% while utilities gained 0.7%.

Global stocks struggled to take off on Monday after weak data from China and Japan raised fears of a broader economic slowdown.

European stocks closed higher last Friday as investors digested economic data from the region, including a preliminary reading of UK second-quarter GDP, impressions of July inflation in France, Spain and in Italy and industrial production in the euro zone for June.

Data released by the UK showed the economy contracted in the second quarter of 2022 as the country’s cost of living crisis hit at home. Official figures showed gross domestic product fell 0.1% quarter on quarter in the second three months of the year, less than the 0.3% contraction analysts expected.

Investors also had colder-than-expected US inflation data last week on their minds. The consumer price index rose 8.5% in July from a year ago, below expectations, mainly due to falling energy prices.