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Market Update

Euroepan Markets Trade Down

European markets were all lower in early trading Friday.

The FTSE was down 0.2%. The CAC 40 Paris gave up 0.4% while the DAX was down 0.3%.

Tensions in Ukraine weighed on sentiment as pro-separatists ignored a call by Russian President Vladimir Putin to postpone a vote for secession. They said they plan to go ahead with the plebiscite on Sunday, sparking fears of a civil war.

Earlier Friday, data showed the German trade balance at a surplus of 14.8 billion euro in March, down from the previous month’s 15.8 billion euro, and also lower than forecasts of a 16.6 billion euro surplus. Yesterday, data showed German industrial output fell 0.5% in March, undershooting expectations for a 0.2% increase.

Manufacturing, industrial production, and trade balance data are due in the U.K. later in the day. After the market close, the National Institute of Economic and Social Research will release GDP estimates.

Stocks on the Move

Energy services group Petrofac dropped over 17% in London after the company issued a profit warning for the current year.

Royal Dutch Shell was down half a percent while BP PLC edged up 0.1%.

Banks were also mostly lower.

International Airlines Group was up over half a percent after the British Airways owner said first-quarter loss narrowed by 46%.

A disappointing update from Telefonica also weighed on sentiment with shares of the Spanish telecom operator tumbling 2.4% in Madrid. The company missed expectations as it reported a 23% fall in net profit.

Alcatel Lucent was up 4% after the company reported first-quarter loss narrowed to 73 million euros compared with 353 million euros a year earlier.

Publicis Groupe SA was up 1.1% after the company’s proposed $35 billion merger with U.S. rival Omnicom was called off.

Over in Amsterdam, ArcelorMittal SA fell 2.6% after the global steelmaker forecast lower global demand in 2014.

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