European stocks closed flat on Friday, after data showed the U.K. economic growth stalled in July.
The pan-European Stoxx 600 was flat at 0.09% with no broad consensus movement among sectors and major bourses.
Data released on Friday morning showed that the U.K. economy recorded zero growth in July, following a 0.4% economic expansion the previous month. The economic flatlining adds to the Bank of England’s considerations as it prepares to update its monetary policy next week.
On Thursday, the European Central Bank left its key interest rate unchanged in a highly anticipated move.
In corporate news, Spanish lender Sabadell‘s board unanimously recommended the bank’s shareholders reject a hostile takeover bid from domestic peer BBVA.
Sabadell CEO César González-Bueno told CNBC on Friday that the 15-billion-euro ($17.6 billion) bid undervalues the bank.
Shares of Sabadell rose 0.7% on Friday, while BBVA stock was flat.
Shares of Vestas Wind tumbled toward the bottom of the Stoxx 600 in morning trade, shedding 4.3% after U.S. Interior Secretary Doug Burgum told reporters offshore wind would not be used as a source of electricity under U.S. President Donald Trump’s leadership. The stock ended the day down 2.6%.
“Under this administration, there is not a future for offshore wind because it is too expensive and not reliable enough,” he told reporters on Thursday.
Elsewhere, Ryanair CEO Michael O’Leary told the Financial Times the budget airline was prepared to cut a further 1 million tickets to Spain amid an ongoing row over the country’s taxation policies.
Overnight in Asia, stocks were broadly higher.
International investors are looking ahead to the U.S. Federal Reserve’s Federal Open Market Committee, slated to take place on Sept. 16 and 17.
Money markets are overwhelmingly pricing in a 25-basis-points rate cut from Fed policymakers when they convene next week, according to the CME’s FedWatch tool. U.S. core inflation rose to 3.1% on an annual basis in August, data showed on Thursday, paving the way for the Fed to cut its key interest rate.
– CNBC’s Spencer Kimball contributed to this report.
Read More: Stoxx 600, FTSE 100, Sabadell, BBVA