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Global Financial News: Airlines Lead Gainers

European stocks drifted lower Thursday despite a strong session in Asia as a U.S. dollar retreat and mixed corporate earnings allowed benchmarks to pull back from recent multi-month highs

Here is a round-up of the financial news from around the world

1. European stocks drifted lower Thursday despite a strong session in Asia as a U.S. dollar retreat and mixed corporate earnings allowed benchmarks to pull back from recent multi-month highs.

2. Air France (AFLYY) surged to a seven-month high after the flagship carrier posted better-than-expected full year profits and pledged further cost reductions in order to boost capacity and offset rising fuel prices.

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3. Germany's DAX performance index was also led by its key airline stock as Deutsche Lufthansa AG (DLAKY) gained 3.35% to change hands at €13.47 each.

4. Nestle SA (NSRGY) - Get NSRGY Report  shares were another mover of note Thursday, falling 1.06% in the opening 45 minutes of trading to Sfr72.23 each after it posted lower-than-expected full year profits Thursday and said it would target cost cuts too boost underlying sales growth in the year ahead.