European markets slip on open

Friday, 15. April 2016 09:20

The last trading day of the week in Europe started on wrong foot, with a mountain of Chinese economic data, mildly higher oil prices and company earnings reports, and among them Citibank in the United States. Investors will be looking at economic data from some European countries and trade balance report for Eurozone from Eurostat at 11:00 a.m. CET.

In Paris, the CAC 40 opened 0.17% lower at 4,502 points. Early gainers: Carrefour, ArcelorMittal, Solvay. On the losing side: Valeo, Accor, Peugeot, BNP Paribas.

Frankfurt's DAX slipped 0.29% to open at 10,060 points. Banks and automotive sector pulled down, while energy and industry saw modest gains.

In London, the FTSE 100 inched down 0.02% opening at 6,636 points. Advancers: BHP Billiton, Tesco, Sabmiller. Decliners: Berkeley Group, Burberry, ARM Holdings, Intercontinental Hotels.

Switzerland SMI Swiss Market Index dipped 0.24% opening at 8,001 points, but reversed soon after. LafargeHolcim, Novartis and SGS took early lead in gains, while Julius Baer, Swiss Re and ABB fell.

In Amsterdam, the AEX index fell 0.22% on open, after the Central Bureau of Statistics reported the 2.3% higher retail sales in February compared to the same month last year, while rising 1.8% in one month. The figures were accompanied with 0.5% higher prices.

The OMX Helsinki 25 index added 0.78%. Statistics Finland released data on economic growth, which in fact was a contraction of 0.3% in February compared to January. Adjusted for working days, economy grew at an annual rate of 0.06% when compared to the same month a year ago. Revised data for January have shown a growth of 1.2% year-on-year.

The euro fell 0.16% against the U.S. dollar, dropped 0.10% versus the U.K. pound, and rose 0.03% against the Swiss franc by 9:28 a.m. CET. Gold rose 0.21% to $1,230.40 per troy ounce.

Oil prices were on the rising path: Brent for June delivery added 0.16% at $43.91 a barrel with daily high at $44.05 a barrel. WTI for May delivery edged up 0.14% to $41.56 a barrel, after reaching daily high of $42.88 a barrel, at 9:30 a.m. CET at the ICE Europe. The price of OPEC basket of 13 crudes stood at $38.58 a barrel on Thursday, compared with $38.91 the previous day.

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Image: Deutsche Börse trading floor © EPA / Cristoph Schmidt

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Breaking the News / ZR