European Markets Trim Gains, Wall Street Slips

LOUISE WATT

LONDON (AP) — European stock markets trimmed earlier gains Wednesday and Wall Street slipped after U.S. government data showed the country's exports fell to a near three-year low in April.

The FTSE 100 index of leading British shares closed up 0.7 percent at 4,436.75 with heavyweight mining and oil companies leading the march higher amid higher commodity prices.

Germany's DAX rose 1.1 percent to 5,051.18 with sportswear group Adidas AG up over 7 percent following a recommendation upgrade from analysts at HSBC. France's CAC-40 was up 0.6 percent at 3,315.27.

Europe's main markets had been up around 2 percent earlier in the day but a subdued opening on Wall Street prompted some investors to book profits.

Meanwhile, the Dow Jones industrial average was down 0.2 percent at 8,749.23 and the Standard & Poor's 500 fell 0.3 percent to 939.53 in midday trade in New York.

U.S. trade data dampened hopes that the U.S. economy would start to grow in the second half of the year. The Commerce Department reported that the U.S. trade deficit edged up 2.2 percent in April to $29.2 billion as crude oil prices hit the highest level since December and exports dropped to their lowest level in nearly three years.