Market Update
European markets traded weak Wednesday as they paused after rallying sharply the previous session.
The FTSE edged up 0.1%. The CAC 40 Paris declined 0.3% while the German DAX slipped 0.1%.
A deluge of data earlier Wednesday morning showed the euro-area's service sector activity expanded more than hoped last quarter as Markit said its euro zone services PMI rose to 53.1 from 52.2 in the preceding quarter.
The euro-zone's manufacturing PMI also expanded more than estimated to 53.3 in March from 53.0 in February.
Markit also said its German services PMI rose to 55.0 in April from 53.0 in March. The manufacturing PMI rose to 54.2 from 53.7.
France's services PMI showed a decline, down to 50.3 from 51.5 while manufacturing also decreased with the PMI reading at 50.9 from 52.1.
Industrial trends orders data is due from the U.K. slightly later.
Stocks on the Move
British chip-maker ARM Holdings PLC fell 2.8% after reporting slowing revenue growth in the first-quarter. However, the company said it expects an upturn in demand in the second half.
Swedish telecom networks major Ericsson fell 4.3% after the company reported sales below analysts’ estimates.
Also in Stockholm, truck-maker Scania dropped 3.7% after a shareholder rejected Volkswagen’s offer for remaining shares. Over in Frankfurt, Volkswagen traded flat.
Aerospace group Safran SA dropped 2.6% after results.