European stock markets were higher Thursday amid hopes that the drama over the U.S. debt ceiling was entering its final stages.
The benchmark Stoxx 600 was up 0.3% in afternoon trading, paring earlier gains but pulling away from its lowest level for two months. Most sectors gained, with media stocks up 1.6% and mining stocks up 1.3% after Chinese factory activity beat expectations. Utilities, which have benefited from recent uncertainty, slipped 0.4%.
On the data front, investors are analyzing flash euro zone inflation figures, which showed inflation falling more than anticipated. The consumer price index was up 6.1% from the previous year, which was less than the 6.3% anticipated by economists polled by Reuters. Inflation was at 7% in April.
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