This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

European Stocks Mixed Following Ifo Data

Stocks in this article: AZN PFE BCS GE

LONDON ( The Deal) -- European stock indices were mixed heading into the weekend after a closely watched gauge of German business sentiment fell short of expectations, feeding hopes that the eurozone will receive a monetary fillip.

The Ifo institute's index of German business confidence in May declined from April to its lowest point so far this year.

The Munich organization surveys 7,000 company executives, asking them about their assessment of the current situation and their outlook.

The data weighed on the euro and fed growing expectations the European Central Bank will ease monetary policy next month, something ECB President Mario Draghi has said he's willing to do.

Meanwhile, confirmation of healthy German GDP figures highlighted the complexity of forging a "one-size fits all" policy for the whole of the eurozone. The German economy grew at a 2.5% annual pace in the first quarter and was up 0.8% quarter on quarter.

The DAX in Frankfurt climbed 0.24% to 9,744.64 and in Paris the CAC 40 was up 0.10% at 4,482.51. In London, the FTSE 100 fell 0.24% to 6,803.87.

In London, AstraZeneca (AZN) fell despite reports BlackRock, its largest shareholder, has urged the U.K.'s second-largest drugmaker to reopen talks with Pfizer (PFE) after a mandatory three-month cooling off period. AstraZeneca rejected Pfizer's thrice-sweetened 69.4 billion pounds ($117 billion) bid on Monday and the New York company has until 5 p.m. on Monday, May 26 -- a public holiday in Britain -- to either make a firm bid or retreat. It has already said it won't go hostile and that its latest 5,500 pence-per-share bid is its final one.

Manufacturing conglomerate Smiths fell after it said nine-month revenue declined year-on-year and warned that full-year profit at its Smiths Detection unit would be 25 million pounds lower than previous expectations.

But Saga, a private equity-backed provider of financial, travel and other services to the over 50s, rose on its debut after the company priced its IPO at the bottom of an already-lowered range to attain a market value of 2.1 billion pounds.

Barclays (BCS) shrugged off a 26 million pounds fine from the Financial Conduct Authority for manipulating the price of gold. The sanction is a blow to CEO Antony Jenkins' efforts to clean up the bank.

In Paris, Alstom slipped 1.2% as General Electric (GE) extended the deadline for its 11.4 billioneuros  ($15.6 billion) bid for its power operations to June 23 from June 2 to win round the French government.

In Milan, Telecom Italia fell more than 1% on news shareholders Assicurazioni Generali SpA and Mediobanca SpA are both planning to sell their stakes next month.

In Hong Kong, developer Greentown China Holdings closed up 6.6% after shareholders struck a deal to sell a combined 24.3% to homebuilder Sunac China Holdings, whose backers include include Bain Capital LLC.  Sunac shares gained 8.2%.

The Hang Seng edged up 0.05% to 22,965.86.

In Tokyo the Nikkei 225 closed up 0.87% at 14,462.17. Thailand's SET index lost 0.6% after Thursday's military coup. It was one of only five Asian indices to decline on Friday.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs