European Markets Inch Higher

May 13, 2008 1:34 p.m. EST

London, UK (AHN) - European shares were mixed in afternoon trading with banks bearing the brunt of higher U.K. inflation.

The pan-European Dow Jones Stoxx 600 was up mildly, gaining 0.2 percent to 326.62.

In mirror-like trading, the U.K. FTSE 100 fell 0.2 percent to 6,209 as the government reported inflation increased by 3 percent in April. The unexpected rise sent HBOS down 3.5 percent, Lloyds TSB off 1.9 percent and Barclays down 1.4 percent.

Elsewhere in Europe, France's CAC-40 rose 0.6 percent to 5,004. Paris-based Credit Agricole lost 5.5 percent after word it will sell $9.2 billion in stocks after reporting more writedowns. Shares of troubled Societe Generale fell 0.4 percent after the bank reported operating profits slid 46 percent to 1.1 billion euros.