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Europe Markets Close Mixed as G20 Summit Begins in Germany

By Investors Hub

Major European markets have turned mixed on the day. While the U.K.’s FTSE 100 Index has risen by 0.3 percent, the German DAX Index is just below the unchanged line and the French CAC 40 Index is down by 0.1 percent.

Carrefour has come under pressure after the retailer said the French market was a persistently challenging competitive environment.

Sweden’s Volvo Group has also moved lower after selling its complete holding in the German listed engine manufacturer Deutz AG.

Merck KgaA shares have eased on news the European Commission has opened formal probes into the German pharmaceutical group, General Electric Co. (GE), and Canon Inc. alleging they broke merger rules in recent acquisitions.

Meanwhile, Swedish home appliances giant Electrolux has moved higher after it agreed to acquire Best, a European manufacturer of innovative and well-designed kitchen hoods, for an undisclosed amount.

In economic news, permanent job placements in the U.K. continued to rise sharply in June, though the rate of expansion eased slightly since May, the report on jobs compiled by the Recruitment and Employment Confederation and IHS Markit showed.

German industrial output grew 1.2 percent month-on-month in May, the fastest pace in four months and up from April’s 0.4 percent growth, official data showed.

French industrial production also recovered at a faster than expected pace in May, while U.K. industrial production unexpectedly dropped by 0.1 percent in the month, confounding expectations for an increase of 0.4 percent, separate reports showed.

Meanwhile, data from mortgage lender Halifax and IHS Markit showed U.K. house prices declined for the first time in five months in June.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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