European stocks mostly rise but Frankfurt retreats from 10,000 level

European stocks mostly rose on Wednesday, but Frankfurt retreated from the key 10,000-points barrier following disappointing unemployment data. Frankfurt's DAX 30 index of top shares slipped 0.02 percent to 9,939.17 points from Tuesday’s record closing level, having risen as high as 9,957.87 during trading on Wednesday. London’s FTSE 100 index of top companies added 0.09 per cent to 6,851.22 points, and after spending much of the afternoon in the red the CAC 40 in Paris eked out a gain of 0.04 per cent to close at its highest point this year at 4,531.63 points. Madrid rose 0.40 percent and Milan climbed 0.85 percent. The euro fell against the dollar, remaining under pressure on expectations the European Central Bank will soon announce fresh measures to combat deflation fears. Frankfurt had posted another record close on Tuesday and has been approaching 10,000 points, but failed to hold onto gains on Wednesday after data showed an unexpected jump in the number of German unemployed. ‘No doubt the 10,000-point marker (for the DAX) is psychologically important,’ said analyst Markus Huber at brokerage Peregrine & Black. Eurozone growth came in at a disappointing 0.2 per cent in the first quarter, leading analysts to question whether the economic recovery was losing steam. In company news, Scottish engineering firm Weir Group said it had abandoned a 4.6-billion-euro ($6.3-billion) takeover bid for Finnish peer Metso after its latest offer was rejected. The news sent Glasgow-based Weir's share price sliding 0.8 percent to 2,584 pence in London. GlaxoSmithKline shares sank 1.6 percent to 1,608.50 pence after Britain's Serious Fraud Office launched a probe into the drugs giant, which is already subject of a series of investigations into alleged staff corruption. GSK already faces a slew of allegations in recent months in China, Iraq, Jordan, Lebanon and Poland. Shares in Alstom gained 1.1 percent to 29.00 euros as the takeover battle over the French power and rail group heated up, with US group General Electric promising to create 1,000 jobs in France according to a source. Germany's Siemens also plans to make a bid for Alstom, according to AFP.