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Market Update

European Markets Trade Flat

European markets were little changed Friday.

The FTSE slipped 0.2%. The CAC 40 Paris edged up 0.1% while the German DAX was up 0.2%.

Earlier, data showed the closely watched Ifo business climate index fell more-than-expected in May to its lowest this year. The Ifo Research Institute said its index of German business climate fell to 110.4 from 111.12 on April. Analysts had expected a reading of 110.9

Data also showed GDP grew 2.5% over the last year while quarter-on-quarter growth remained unchanged at 0.8% in the first quarter.

Greece and Spain received sovereign credit upgrades on improved conditions in their respective economies.

Markets were also subdued ahead of a long weekend in the U.S. which is set to remain shut Monday. Also, European Parliamentary elections are on with polling having kicked off Thursday while a presidential election in Ukraine is set for this weekend.

Stocks on the Move

Barclays PLC was up 0.7% even as reports said the U.K.’s Financial Conduct Authority is set to fine the lender more than 26 million pounds for failings around the London Gold Fix. Barclays avoided higher fines by agreeing to settle at an early stage.

Smiths Group PLC fell a percent after the engineering firm issued a profit warning on its detection unit.

Alstom was down 1.5%. G.E. said it has agreed to extend its bid for Alstom's power arm until June 23 from June 2 at the request of the French government.

Chemical major Lanxess AG was up over half a percent after a broker upgrade.

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