Author: Elena Todorova
123jump.com
Last Update: 2:34 PM EDT May 30 2007

European stock markets closed in the negative after moving off earlier lows. Global markets were weak on Wednesday, as investors reacted to sharp declines in Shanghai. Among the most notable decliners, British Energy dropped 3.7%. Shares of pharmaceutical maker GlaxoSmithKline recovered in the afternoon to close down 0.54%. The U.K.’s FTSE 100 closed down 0.7%, the French CAC 40 fell 0.2%, while Germany’s DAX lost 0.21%.