Portugal Colonial - Global stocks mainly rise, but London flatlines on recession news

Carmakers drove the Paris stock market upwards after Stellantis posted record 2023 profits as demand revved higher for new vehicles, one day after news of bumper annual earnings from its French rival Renault.

Renault and Stellantis saw their shares rally 6.3 percent and 4.4 percent respectively, topping the risers board.

Frankfurt stocks advanced strongly after Commerzbank revealed that higher interest rates had helped it achieve its biggest annual net profit in 15 years, sending shares in Germany's second-largest lender up 4.5 percent.

London equities, however, stagnated after official data showed the UK entered recession at the end of last year, as high inflation prolonged a cost-of-living crisis for millions of Britons.

UK gross domestic product shrank 0.3 percent in the fourth quarter of 2023 after contracting 0.1 percent in the prior three months.

That places the economy in recession, which is defined as two quarters in a row of falling GDP. The news came on the same day it was revealed that fellow G7 nation Japan was also in recession.

"European markets are (mostly) on the rise..., with the FTSE 100 lagging its mainland peers after the UK slumped into a technical recession," noted Scope Markets analyst Joshua Mahony.

Most Asian markets rose also Thursday, tracking a Wall Street rebound and following positive remarks from a senior Federal Reserve official that US inflation was headed in the right direction.

Figures on Tuesday showing the US consumer price index slowed less than expected in January dealt a body blow to hopes of an early US interest rate cut and sent Asia indices mostly lower.

But investors returned to buying on expectations borrowing costs will be reduced this year, while traders also cheered strong earnings releases that soothed any worries about companies' bottom lines.

Tokyo stocks rallied despite official data showing that the Japanese economy had entered recession -- and has been overtaken by Germany as the world's third-biggest economy.

Elsewhere, Taipei's Taiex stocks hit a record high, fuelled by a surge in chip giant Taiwan Semiconductor Manufacturing Company (TSMC) after it reported strong sales that lifted optimism for the sector and demand for chips used for artificial intelligence.

Jakarta stocks also rallied after defence minister Prabowo Subianto declared himself the winner in Indonesia's general election, a result observers said indicated policy continuity.

- Key figures around 1115 GMT -

London - FTSE 100: FLAT at 7,565.61 points

Paris - CAC 40: UP 0.7 percent at 7,730.45

Frankfurt - DAX: UP 0.6 percent at 17,050.02

EURO STOXX 50: UP 0.6 percent at 4,738.15

Tokyo - Nikkei 225: UP 1.2 percent at 38,157.94 (close)

Hong Kong - Hang Seng Index: UP 0.4 percent at 15,944.63 (close)

Shanghai - Composite: Closed for holiday

New York - Dow: UP 0.4 percent at 38,424.27 (close)

Euro/dollar: UP at $1.0735 from $1.0730 on Wednesday

Dollar/yen: DOWN at 150.04 yen from 150.60 yen

Pound/dollar: DOWN at $1.2556 from $1.2564

Euro/pound: UP at 85.50 pence from 85.37 pence

Brent North Sea Crude: DOWN 0.7 percent at $81.02 per barrel

West Texas Intermediate: DOWN 0.7 percent at $76.07 per barrel

A.S.Diogo--PC