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LONDON — European stocks closed lower Friday, as investors digested key inflation data from the U.S. and euro zone.

The pan-European Stoxx 600 ended 0.24% lower, marking a fourth consecutive session in the red.

On Wall Street, stocks were slightly higher after the personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — slowed to its lowest annual rate in more than three years. The headline and core readings were both up 2.6% year-on-year, in-line with expectations.

French inflation meanwhile slowed slightly in June, providing an economic boost for President Emmanuel Macron two days before the first stage of parliamentary elections on Sunday. The Insee statistics agency showed consumer prices rose 2.5% from a year ago in June, versus 2.6% the previous month.

Spanish inflation also dipped to 3.5% year on year in June, from 3.8% the month prior. Italian inflation ticked up slightly, rising 0.8% from June 2023.

The U.K. economy grew by 0.7% in the first three months of the year, more than initially estimated, revised figures from the Office for National Statistics showed.

Asia-Pacific markets climbed on Friday as investors assessed key economic data out of Japan. The Japanese yen weakened to fresh 38-year lows following the release, crossing the 161 mark against the dollar for the first time since 1986 and reaching a high of 161.27, according to LSEG data.

On Wall Street, stocks were slightly higher after the personal consumption expenditures price index slowed to its lowest annual rate in more than three years. The headline and core readings were both up 2.6% year-on-year

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