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European Markets Wobble, German Data Disappoints

Foreign Trader, spanish trader, spain trader


European stocks swung between small gains and losses Friday after data showed business confidence in Germany fell this month.

The Stoxx Europe 600 index edged up less than 0.1% to 341.16, hovering around that level after the widely watched Ifo Business Climate Index fell to 110.4, missing expectations of a reading of 110.9. The Ifo expectations and current-conditions surveys also fell short of projections.

The euro (EURUSD) bought $1.3632 after the data, declining from $1.3644.

Germany's DAX 30 index was up 0.1% at 9,727.90, little changed after the Ifo report. Earlier, German government figures confirmed growth for Europe's largest economy in the first quarter.

Elsewhere, France's CAC 40 index dropped 0.2% to 4,481.24, and the U.K.'s FTSE 100 index shed 0.2% to 6,806.34, with shares of Smiths Group PLC giving 1.6% after the security-sensor maker issued a profit warning.

But shares of Barclays PLC (BCS) in London traded up 0.6% after the U.K.'s Financial Conduct Authority said the bank will be fined more than GBP26 million ($43.9 million) for failings around the London Gold Fix. The bank and an ex-trader, Daniel James Plunkett, avoided higher fines, of GBP136,600 and more than GBP37 million, respectively, by agreeing to settle at an early stage.

In other action, Pandora AS shares fell 3.6% after the jewelry retailer said it was selling 13 million shares to institutional investors. On a more upbeat note, shares of Lanxess AG rose 1.3% after Goldman Sachs lifted the chemicals firm to buy from neutral.