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Market Update

European Markets Trim Weekly Gains, Accor Leads on China Stake Increase

Author: Sarla Buch
Last Update: 12:25 PM ET June 03 2016

4:00 PM Frankfurt – European markets trimmed weekly gains and retail sales in April were stable. Accor jumped after China-based Jin Jiang intends to increase its stake to 29%. BP agreed to settle $175 million shareholder lawsuit linked to Gulf of Mexico spill in 2010. Total SA plans to divest its Atotech valued €3 billion.

European markets struggled and trimmed weekly gains and looked at weaker-than-expected U.S. jobs data.

Stocks were in holding pattern ahead of the release of the U.S. jobs data and commodities stocks led the gainers. Oil trended higher after Saudi Arabia pledged at the latest OPEC meeting to not increase production despite other members failed to agree on a production freeze.

U.S. non-farm payrolls increased in May at the slowest pace in five months and rose 38,000 after rising 160,000 in April. Economists were looking for the increase of at least 164,000.

Jobless rate in May declined to 4.7% and the number of unemployed fell by 7.4 million.

Seasonally adjusted retail trade in April remained stable in euro zone but rose 0.5% in the EU28.

In March, retail trade fell 0.6% in the euro zone and in the EU28. Retail sales index increased 1.4% from a year ago month in the euro zone and 2.4% in the EU28.

In London trading, FTSE 100 index rose 14.32 or 0.2% to 6,199.93 and in Frankfurt the DAX index slipped 88.32 or 0.9% to 10,117.17.

In Paris, CAC 40 index dropped 45.01 or 1% to 4,420.99.

For the week, FTSE 100 index gained 0.8% and the DAX index fell 1.8% and the CAC 40 index slumped 2.1%.

Accor SA jumped 4.8% to €39.72 after the China-based Jin Jiang International (Holdings) Co. intends to increase its stake in the France-based hotel operator to 29%.

BP Plc increased 1.1% to 357 pence after the U.K.-based oil and gas explorer agreed to settle $175 million lawsuit to shareholders claimed to misled on the cost of the Gulf of Mexico spill in 2010.

ICAP Plc gained 1.5% to 421.90 pence after the U.K.-based electronic trading platforms provider signed an agreement to provide technology to China''s fixed income and foreign exchange trading system for about $65 million.

Total SA fell 0.6% to €42.10 after the France-based oil and gas explorer plans to divest it Germany-based chemical and equipment division Atotech, valued about €3 billion or $3.4 billion.

In February, the French oil explorer said it plans to divest its non-core assets worth about $4 billion and in last month Chief Executive Patrick Pouyanne said Atotech doesn’t fit in the company''s strategic vision.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc