4/1/2016, 10:05 AM (Source: TeleTrader)
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European stock markets dip on start of second quarter

Major bourses sunk on Friday in Europe ahead of today's release of employment data for last month in the United States. The euro rose 0.21% against teh pound at 10:01 a.m. CET. The FTSE 100 fell 1.2% in London at 9:45 a.m. CET. The drop was led by Standard Chartered, which lost over 3%. The losing stocks with slumps of over 2% were Sky, Royal Mail, and United Utilities. On the other side of the board, miners Rio Tinto and BHP Billiton eased some of the initial cautious advances, struggling to hold, while Shire gained 1.4% and Royal Bank of Scotland moved 0.4% up.

A report by Nationwide revealed house prices in Britain rose 5.7% in March on an annual basis, after a rise of 4.8% in the previous month. The move on from February was 0.8%, following a rise of 0.4%. The average price rose from £196,930 to £200,251. “The pace of house price growth may moderate again once the stamp duty changes take effect in April. However, it is possible that the recent pattern of strong employment growth, rising real earnings, low borrowing costs and constrained supply will keep the demand/supply balance tilted in favour of sellers and maintain pressure on price growth in the quarters ahead," said Robert Gardner, the financial organisation and giant building society's chief economist. 

The DAX slumped 1.56% at 9:55 a.m. CET. Beiersdorf, Henkel, Bayer, BMW, Deutsche Post and Allianz fell over 2%. ThyssenKrupp mitigated some of the erosion, rocketing 6.2% to positive territory and being the only stock on the rise. CAC 40 was down 9:58 a.m. CET, pressed downward by Airbus, which lost 2.9%, and Veolia and Schneider, over 2% in the red. Steel giant ArcelorMittal gained 4%, followed by a slight rise of Societe Generale, while all other constituents fell.

Baha Breaking News (BBN) / IT