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UK, German Stocks Advance as French Equities Decline

By Investors Hub

European stocks are turning in a mixed performance during trading on Friday. While the French CAC 40 Index is down by 0.1 percent, the German DAX Index and the U.K.?s FTSE 100 Index are both up by 0.4 percent.

Vestas Wind Systems A/S has fallen after its first-quarter profit declined to 102 million euros from last year’s 160 million euros.

HSBC Holdings has also tumbled after the bank’s first-quarter pre-tax profit fell 4 percent from a year ago due to higher operating expenses.

Lender BNP Paribas has moved notably lower after posting a 17 percent drop in first quarter net income on weak revenues.

Societe Generale has also moved lower. The bank reported higher first quarter profits but overall revenue at its investment banking business declined amid the low-interest rate environment.

Air France KLM shares have plunged as much as 7 percent after the airline said it expects profits to fall this year due to the effect of strikes at its main French unit.

Meanwhile, British Airways-parent IAG has jumped after its first quarter adjusted operating profit surged up 75 percent.

French electric utility EDF has also risen after it bought the Neart na Gaoithe wind farm project from global wind and solar developer Mainstream Renewable Power for Ł441 million.

Germany’s Lanxess shares have jumped after the specialty chemicals company lifted guidance for fiscal 2018 after reporting an increase in first quarter net income.

In economic news, Eurozone economic activity expanded strongly in April, but the pace of expansion slowed marginally since March, final data from IHS Markit showed.

The composite output index fell slightly to 55.1 in April from 55.2 in March. According to flash estimate, the index remained unchanged at 55.2 in April.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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