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European shares inched higher on Friday but were on track for a weekly loss on heightened trade tensions and growing concerns about an economic slowdown. <\/p>\n
Investors shrugged off official data that showed the U.K. economy<\/span> logged an unexpected contraction at the start of the year on a sharp fall in production.<\/p>\n Gross domestic product shrank 0.1 percent on a monthly basis in January, following a growth of 0.4 percent in December, the Office for National Statistics reported. GDP was expected to grow 0.1 percent.<\/p>\n The pan European STOXX 600 was up 0.3 percent at 542.11 as the U.S. Congress passed a second Continuing Resolution (CR) to extend federal spending and avert a government shutdown through March 14, 2025.<\/p>\n However, the index was down nearly 2 percent for the week so far. Italian banking group UniCredit edged down slightly after saying it has received the ECB authorization to acquire a direct stake in Germany’s Commerzbank AG of up to 29.9 percent. Shares of the latter advanced 1.6 percent. <\/p>\n German automaker BMW fell 2.7 percent after posting a 37 percent drop in annual profit and warning of subdued Chinese demand. <\/p>\n Daimler Truck Holding rallied 5 percent after if forecast 5-15 percent increase in operating profit for 2025.<\/p>\n Universal Music Group plunged 5 percent after hedge fund Pershing Square Holdings cut its stake in the company.<\/p>\n Kering plummeted 10 percent in Paris after an announcement that Georgian designer Demna is set to exit Balenciaga to become creative director of Gucci. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n
The German DAX gained 0.3 percent, while France’s CAC 40 and the U.K.’s FTSE 100 both added around 0.4 percent.<\/p>\n