Global stock markets wobbled on Friday as investors head into the long Christmas weekend.
London finished virtually unchanged in a holiday-shortened session, despite fears of recession as data showed the UK economy shrank in the third quarter and flatlined in the prior three months.
In early afternoon eurozone deals, Paris also paused and Frankfurt dipped on the final trading day before Christmas.
Investors were also eagerly awaiting US inflation figures later on Friday that could shed light on the Federal Reserve's next steps on interest rates.
Asian markets turned mixed Friday as the euphoria over an expected flurry of US rate cuts next year was overshadowed by a tech-led plunge in Hong Kong after China unveiled fresh plans to restrict online gaming.
Oil prices climbed on fears over Red Sea supply disruptions, one day after falling as Angola quit the OPEC cartel of crude-producing nations.
- Inflation data -
"European markets are struggling to maintain the pace set by US equities... ahead (of) an impending inflation release from the US," said Scope Markets analyst Joshua Mahony.
"A raft of data out of the UK brought little clarity for traders, with a disappointing GDP reading offset by a retail sales bump."
Markets had already fizzed higher last week after the US central bank signalled it would at last start cutting interest rates next year, in a major dovish pivot as inflation slows in the world's biggest economy.
Wall Street resumed its upward climb on Thursday following a brief pullback.
Equities have been on an upward trajectory in recent weeks as a string of US figures show inflation coming down and the jobs market softening, while the economy is easing but appears safe from recession.
The surge suffered a blip in the middle of the week as traders took a breather, with analysts saying the advance may have gone a little too fast.
- 'Fed stole the show' -
"It would appear Santa may have come early this year," OANDA analyst Craig Erlam told AFP, in reference to last week's Fed-driven gains.
"Central banks did their best to cool expectations but the Fed stole the show and delivered a powerful end to the year, setting markets up for a promising 2024."
Focus is now on Friday's release of closely watched personal consumption expenditures (PCE) price index, decision-makers' preferred gauge of inflation, which could be key for the Fed's meeting next month.
Bank officials sent markets racing last week when they held rates and released their "dot plot" forecast for rates suggesting they would cut several times next year.
Asia diverged after China unveiled proposals that would put limits on recharging in-game wallets and abolish features meant to increase gameplay.
The news sent tech giant Tencent plunging more than 15 percent in Hong Kong at one point -- wiping more than $50 billion off its valuation, Bloomberg reported -- while rival Netease was briefly down more than 30 percent.
XD Inc sank around 20 percent, while there were also losses for Alibaba and Meituan.