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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Europe open: Stoxx edges ahead as German inflation falls

(Sharecast News) - European markets edged ahead at the open on Friday on a quieter day for corporate news while Germany inflation registered a welcome fall for the Continent's largest economy.

The pan-European Stoxx 600 opened 0.3% higher at 485.42 after a strong session on Wall Street. with the S&P 500 passing the 5,000 milestone for the first time during intraday trading.

German inflation fell to 2.9% January in line with preliminary data, down from 3.7% in December, and driven by a sharp fall in energy costs, according to official data released on Friday. The country's DAX stock market index was up 0.10% on the news at 16,981 points.

There was a sharp drop in energy inflation to -2.8% from 4.1% in December, despite the discontinuation of the brake on energy prices and the introduction of a higher carbon price, which affects the price of fossil fuels such as motor fuels, heating oil and natural gas.

"In the markets, it's been a flat old week in Europe with little in the way of direction or movement for the major indices, despite a bunch of corporate earnings ... macro is maybe still in charge here and the bond markets haven't done much either. The CAC in Paris has risen almost 1% this week but the DAX and FTSE are within a quarter of a percent of where they started," said Finalto chief market analyst Neil Wilson.

In equity news, shares in Ubisoft rose 13% in early deals as the French video game company pointed to a "turnaround" in its output in its latest earnings report.

L'Oreal shares were down after reporting lower-than-expected fourth-quarter sales Thursday in a sign of continued pressure on the luxury market.

Luxury goods maker Hermes gained as results pleased investors.

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