Europe midday: Rise in single currency weighs on shares, FTSE Mibtel underperforms

European stocks are holding slightly lower on the last day of trading in 2017 as the bloc heads for its best stock market performance in four years, with another push higher for the single currency offsetting strength in miners and related stocks.

The benchmark Stoxx 600 was up a very slight 0.16 points to 389.69, helped by a 1.04% advance in shares of companies in the Basic Resources space, with a gauge for the group jumping 1.03% to 473.77.

Germany's Dax on the other hand was 0.34% lower at 12,936.01, weighed down by a gain of 0.47% in euro/dollar to 1.1993 after readings on consumer prices in the country, for December and at the state level, overshot economists' forecasts.

In parallel, Milan's FTSE Mibtel was down by 0.79% to 21,946.23 after the country's president Sergio Mattarela called elections for 4 March, perhaps inadvertently giving traders a firm date to hone in on.

Despite the above, the Stoxx 600 was on track to gain almost 8% over the previous 12 months, which would be its best year since 2013.

The rather directionless trading on Friday came on the back of another record close on Wall Street overnight, with the Dow Jones making its 71st record high of the year, but a mixed Asian session.

Continued US dollar weakness was keeping both the UK and German stock benchmarket from making too much progress beyond breakeven, said analyst Mike van Dulken at Accendo Markets.

"However, gains for dual listed miners down-under, in spite of a negative close for the important Aussie ASX index, offers hope to buoy London year-end sentiment thanks to strength for copper and oil on a combination of global growth optimism and expectations of tighter supply."

Spanish consumer price inflation was an early data point for the region, with a below-forecast reading of 1.3% for December after the previous month's 1.8% mark (consensus: 1.5%), according to INE.

Later on, some traders will be focusing on German inflation at 1300 GMT, where the consumer price index had been forecast to ease to 1.5% year-on-year from 1.8%, with the harmonised index of consumer prices dropping to 1.4% from 1.8%.

After that there is the US Baker Hughes US rig count at 1800 GMT to provide indication on US oil production.

Among individual companies, Airbus was down only slightly despite reports that the company could end production of the A380 superjumbo if it does not receive a new order from Emirates. Reports emerged overnight that the Toulouse-headquartered aeroplane maker was drawing up plans to phase out production of the A380, though the company said the claims were "speculation" as talks over new orders were continuing.

More positively, China Aircraft Leasing Group inked a deal to purchase 50 Airbus A320neos at a list price of $5.42bn.

In other news, German carmaker Volkswagen announced it would ask the country's Constitutional court to revoke the appointment of a special auditor to investigate the possible involvement of management in the diesel emissions scandal.