LONDON: European shares extended the previous session's rally on Friday, tracking strong gains on Wall Street and in Asia, as some US data releases eased concerns about the pace of recovery in the world's biggest economy.However, Hugo Boss shares slumped nearly 10 percent after the fashion house cut its 2015 sales and profit outlook as a slowdown in China and more hesitant tourist shoppers in the United States hurt its third-quarter results.
The pan-European FTSEurofirst 300 index was up 0.7 percent at 1,435.47 points by 0909 GMT after closing 1.4 percent higher in the previous session. The index headed for a positive weekly close after gaining 4.4 percent last week.
"There was a slight uptick in inflation and some positive signs coming out of the US labour market, although it probably still won't be enough to get the Fed to raise rates this year," said Hantec Markets analyst Richard Perry.
US consumer prices dropped the most in eight months as gasoline costs fell in September, but a rise in core CPI, which strips out food and energy costs, suggested inflation was starting to firm.
Also, the number of Americans filing new applications for unemployment benefits fell back to a 42-year low last week.
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