Europe close: Stocks little changed after mixed data, oil price rebound

European stocks were little changed after mixed reports on German and UK consumer confidence and a rebound in oil prices.

GfK’s forward-looking consumer confidence index for Germany climbed to 9.0 in January from 8.7 in December, exceeding market estimates for a reading of 8.8.

“As 2014 draws to a close, Germany is exiting the rough patch it entered in spring after Russia annexed the Crimean peninsula at gunpoint,” said Christian Schulz, senior economist at Berenberg.

Separately in Germany, a report showed producer prices fell 0.9% year-on-year in November, less than the 1.1% drop expected by analysts, following a 1% decrease previously.

UK consumer sentiment fell to -4 in December from -2 the previous month, GfK said. Analysts had been anticipating a slight improvement to -1.

On a positive note for markets oil prices rebounded ahead of the festive break following a new five-year low this week. Brent crude futures rose 2.1% to $60.55 per barrel at close of trading, according to the ICE. Oil and gas companies headed for the biggest weekly jump in three years.

Earlier on in the session, the Bank of Japan painted a bright picture of the economy as it maintained its stimulus, seven weeks after expanding the programme.

China revised up the size of its economy in 2013. Gross domestic product gained 3.4% to an estimated 58.8trn yuan in 2013, the National Bureau of Statistics said, marking a rise of 1.9trn yuan.

Atos, Air France

Atos was a higher riser after agreeing to buy Xerox Corp.’s information-technology outsourcing business for $1.05bn.

Air France declined after the airline pushed back delivery of some aircraft in the next two years to contain costs.

Roche Holding AG slumped as the drugmaker announced disappointing results from a clinical trial that combined two of its breast-cancer drugs.

The euro fell 0.46% to $1.2229.