UK Markets Surge as Inflation Cools and Pound Weakens

European stocks closed higher, with the FTSE 100 up almost 2%, as UK inflation cooled to 7.9% in June, below expectations. The pound fell against the US dollar after the release of softer-than-forecast inflation data. Dutch chip industry giant ASML beat net profit forecasts but later slid into negative territory. Copper prices declined due to concerns about weakening demand and lack of major stimulus in China. UK property firms, including British Land and Derwent London, saw their shares rise following the inflation data. Pimco predicts a mild recession at the turn of the year.