Market Update
European markets were mostly flat Wednesday.
The FTSE traded unchanged. The CAC 40 Paris edged up 0.1% while the DAX was up 0.3%.
Data showed retail sales in the U.K. soundly beat expectations with a 1.3% gain in April, much more than expectations of a 0.5% increase. Year-on-year, sales rose 6.9%. Core retail sales, which excluded automobiles, also blew past forecasts.
Other data showed the euro-zone’s current account surplus unexpectedly narrowed in March to its lowest level in six months. The ECB said the current account stood at 18.8 billion euro, narrowing from 21.8 billion in February.
Stocks on the Move
Burberry Group PLC was up 1.2% after the luxury brand reported results in line with forecasts. Other retail stocks were mostly higher with Debenhams also up 1.2% and Mothercare 3.8% higher. Next PLC was marginally lower, down 0.1%.
In resources, Aussie miners BHP Billiton and Rio Tinto were down 0.4% and 0.6% each, respectively. Anglo American was up half a percent while Glencore Xstrata was down 0.9%.
Over in Paris, BNP Paribas fell 1.5% after a report that U.S. authorities are seeking a fine of over $5 billion from the French lender to settle federal and state investigations into dealings with sanctioned countries.
Alstom SA was down 0.8% even as it received a request for more information about its power business from Siemens ahead of a likely offer from the German conglomerate.
Siemens shares were little changed.