Market Update
European markets slipped Friday after gains in recent sessions.
The FTSE slipped 0.1%. The CAC 40 Paris and the DAX were also off 0.1% each.
Earlier, data showed German manufacturing orders declined more than expected in May. Orders fell 1.7% from April, when they rose a revised 3.4%. Economists were expecting a fall of 1%.
On Thursday, ECB President Mario Draghi reiterated that rates will remain on hold at current or lower levels for an extended period.
Stocks on the Move
easyJet PLC soared 3%. The company was in the news yesterday after it was slapped with a 60,000 euro fine for refusing to let a partially paralyzed woman fly unaccompanied to her son’s funeral.
In financials, Barclays was up 0.4% while all other banks traded lower.
Resources traded mixed.
BNP Paribas was down 1.5% even as S&P affirmed its ‘A+’ long-term credit rating on the lender Thursday but placed the rating on a Negative Outlook from Credit Watch Negative.
Swiss drug-maker Roche edged down 0.2% even as it said Japan had become the first country to approve its drug alectinib for a specific form of advanced lung cancer.
BMW was up 0.3% as it revealed a $1 billion Mexican plant investment in a move aimed at reducing the luxury carmaker’s dependence on higher-cost plants at home.