Market Update
European markets struggled for direction Wednesday weighed by a mix of stock specific news and some downbeat unemployment data from Germany.
The FTSE slipped 0.1%. The CAC 40 Paris traded flat while the DAX also remained unchanged.
Data earlier showed unemployment in Germany unexpectedly rose for the first time in six months with the number of people out of work rising by a seasonally adjusted 23,937, much more than expectations for a decline of just 15,000.
Also earlier today, ECB data showed bank lending in the euro-zone shrank 1.8% in April over the last year.
Stocks on the Move
GlaxoSmithKline shares were down 1.7% after the drugs giant said the Serious Fraud Office had opened a "formal criminal investigation" over alleged bribery charges in China.
RBS was up a percent. According to unconfirmed media reports out Tuesday, the bank is planning to cut hundreds of jobs in U.S. trading businesses over the next few months.
Alstom SA was up 1.3% as GE sought to soothe the French government’s worries as it attempted to gain backing for its $17 million bid for the former’s power assets.
Swiss foods major Nestle edged up just 0.1% even as it said it had acquired the rights to sell certain skin care products in the U.S. and Canada from Valeant Pharmaceuticals, for $1.4 billion.
Osram Licht AG dropped 7.1% after the company warned of stagnant revenue levels this fiscal year.
Over in Amsterdam, Ahold was down 2.4% after the Dutch supermarket chain reported a significant drop in operating income.
Hugo Boss AG fell 1.8% after private equity investor Permira sold a 5.6% stake in the German fashion retailer.