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Market Update

European Markets Decline

Jun 11, 2014

European markets were down Wednesday with travel-sector stocks leading losses after a profit warning from German airline Deutsche Lufthansa.

The FTSE declined 0.3% despite some upbeat jobs data. The CAC 40 Paris was down 0.4% while the DAX also traded 0.3% lower.

Data earlier showed the number of people seeking jobless benefits decline more-than-expected in May while the country’s jobless rate also fell to its lowest level since January 2009.

Stocks on the Move

J Sainsbury PLC rose 2% after it provided its first-quarter trading statement.

Rolls-Royce fell 1.6% after it said its order book would shrink by 2.6 billion pounds following an order cancellation by Emirates for Airbus passenger jets.

Over in Paris, Airbus fell 3.7%.

Travel sector stocks were lower as easyJet fell 2.6% and Thomas Cook gave up 1.9%. The sector headed lower after German airline Deutsche Lufthansa cut earnings forecast for this year and the next. Its shares plunged 13%.

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