European shares mixed amid uninspiring US data

Europe's main stock markets closed narrowly mixed on Thursday as disappointing US retail sales and unemployment data failed to lift sentiment. London's FTSE 100 index of top companies edged up 0.06 per cent to 6,843.11 points, while Frankfurt's DAX 30 shed 0.11 per cent to 9,938.70 points, and the CAC 40 in Paris slipped 0.02 per cent to 4,554.40 points. Madrid gained 0.12 per cent while Milan shed 0.27 per cent. ‘Markets in Europe traded with a negative tone today as concerns over Iraq spiked oil prices and better than expected European industrial production was tempered by weak US retail sales and jobless claims," said CMC Markets analyst Jasper Lawler. While there was a certain amount of profit-taking, analysts suggested some of the losses could be attributed to the World Bank’s decision to trim its 2014 global growth forecast to 2.8 per cent from a January estimate of 3.2 per cent.
- Euro edges up -
In foreign exchange deals Thursday, the European single currency edged up to $1.3554 from $1.3532 late in New York on Wednesday. The euro slid to 80.43 British pence from 80.60 pence. The British pound dipped to $1.6851 from $1.6788 on Wednesday. On the London Bullion Market, the price of gold rose to $1,265.75 an ounce from $1,262 late on Wednesday. In European stock action, the mining sector was downbeat as metals prices declined on commodity markets. Anglo American shed 3.2 per cent to 1,465 pence and Rio Tinto lost 3.1 per cent to 3,058 pence. Concerns that turmoil in Iraq will disrupt Middle East supplies led to a jump in oil prices, with the US benchmark West Texas Intermediate for delivery in July jumping $1.53 compared with Wednesday's close to $105.93 a barrel. Brent crude for July rallied $2.16 to stand at $112.11 a barrel in late London deals. Stocks in oil companies also benefited, with Royal Dutch Shell's A shares rising 0.74 per cent to 2,372.5 pence and BP adding 0.45 per cent to 508.30 pence, according to AFP.