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Market Update

European Markets Start Lower

European markets started lower Thursday after Chinese economic data released just ahead of the market open proved disappointing, weighing on investors’ minds.

The FTSE edged down 0.2%. The CAC 40 Paris slipped 0.1% along with the German DAX.

The Ukraine crisis was also in focus with the European Union agreeing on a framework of sanctions on Russia.

Later in the day, U.S. data expected includes initial claims and retail sales figures, both due at 12.30 GMT, or 8.30 a.m. U.S. Eastern Time.

Stocks on the Move

Wm. Morrison Supermarkets PLC dropped 8.4% after the company reported its lowest profit in five years, lowered forecasts and said it plans to dispose about a billion pounds of its 9 billion pounds property portfolio.

Royal Dutch Shell was 0.7% lower after it said it was cutting spending on American upstream.

GlaxoSmithKline PLC edged down 0.3% even as it said its non-inhaled type of treatment for a type of severe asthma met its goals in two late-stage trials.

Insurers were lower after the industry's association said earlier Thursday that the insurance bill for flooding across areas of Britain is set to reach 446 million pounds. Prudential fell 1.4% while Aviva was half a percent lower.

Over in Switzerland, Adecco SA fell over 8% after Jacobs Group said it would sell a 16% stake, reducing its holding in the global staffing company to just 2.5%.

Groupe Eurotunnel was up 0.3% as it hiked its dividend and said it expects an increase in profit for the next two years.

Hochtief was 0.4% lower even as the company installed its chief executive at the head of Leighton Holdings and took more boardroom seats, consolidating its grip over the Aussie firm.

Daimler AG was down half a percent.

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