Europe midday: Shares lower as investors mull euro zone CPI, GDP data

European shares were lower at midday on Friday as results overnight from tech giants Amazon and Apple results missed expectations and euro zone inflation rose came in higher than forecast.

The pan-European Stoxx 600 index was down 0.62% with all major regional bourses lower as data revealed the cost of living in the Eurozone jumped past economists' forecasts in October on the back of nearly across-the-board gains in prices.

Seasonally adjusted consumer price index increased at a month-on-month pace of 0.8%, pushing the annual rate of increase to 4.1% in October from 3.4%the previous month, according to Eurostat. Economists had pencilled-in a relatively more moderate rise to 3.7%.

Price rises were reflected in higher-than-forecast economic activity in the single currency area in the third quarter, thanks in large part to faster than expected growth in France and Italy.

Seasonally adjusted euro area gross domestic product expanded at a quarter-on-quarter pace of 2.2% over the three months ending in September.

In equity news, shares in UK state-owned lender NatWest fell despite third quarter profits tripling. The bank revealed it had set aside almost £300m to cover an as yet levied fine for money laundering.

Component shortages and supply chain glitches hit sales at Signify, the world’s largest lighting maker and former lighting arm of Philips, in the third quarter, taking a toll on its core earnings and sending the stock down by almost 9%.

BNP shares gained slightly as the bank beat third quarter expectations and unveiled a €900m share buyback

German carmaker Daimler was up as the company said it was on track to meet 2021 targets despite the global chip shortage.

Shares in computer game maker Ubisoft swere up as the company missed second quarter earnings estimates, but beat revenue expectations.

Air France-KLM shares bucked the with the shares up as it narrowed losses in the third quarter thanks to favourable summer business. The airline said it planned to boost capacity as countries reopen their economies from coronavirus lockdowns.

Medical products company ConvaTec rose as the company said full-year organic revenue growth is set to be towards the upper end of its guidance range after an in-line third-quarter performance, which saw sales slow from the second quarter.