European stocks were subdued on Thursday as escalating tensions surrounding Syria as well as disappointing economic reports offset investor excitement over a fresh round of corporate dealmaking.
The pan-European Stoxx Europe 600 index was marginally lower at 376.10 in late opening deals after losing 0.6% the previous day.
France’s CAC 40 index and the UK’s FTSE 100 were also moving down marginally while the German DAX was trading with a positive bias in lackluster trade.
French grocery retailer Carrefour Group slumped 5% after reporting weak first-quarter sales.
Airbus Group dropped 1.5%. The aerospace and defense major said it anticipates adjusted EBIT to grow about 20% in 2018.
Germany’s GEA Group fell more than 5%. The system provider for food processing industry expects its Q1 EBITDA to be approximately 65 million euros, lower than previous year’s EUR96 million.
German automaker Volkswagen rallied 1.7% on a Nikkei report that it is discussing a comprehensive tie-up with Japanese truck manufacturer Hino Motors in the commercial vehicle business.
Shire PLC shares advanced 3% in London amid reports that Takeda Pharmaceutical Co is moving closer to making a bid for the company.
British rail and bus operator FirstGroup soared 6% after rejecting a takeover offer from US private equity firm Apollo Management.
Similarly, gambling software development company Playtech rallied 7% after it agreed to buy Italy’s SNAITech SpA for 846 million euros.
Over 50s insurer and travel agent Saga rose over 5% as it reported a rise in annual underlying pretax profit despite challenging trading conditions.
On the economic front, Eurozone industrial production decreased for the third straight month in February, Eurostat reported today.
Industrial output fell 0.8% month-on-month, following a 0.6% drop in January. This was the third consecutive drop and came in contrast to the expected growth of 0.1%.
UK economic growth remained subdued in the first quarter despite a strong export performance, according to the latest Quarterly Economic Survey from the British Chambers of Commerce.
In the service sector, the balance of firms reporting improved export sales rose slightly to +13 from +12 and orders to +10 from +7. Domestic sales held steady at +20, while domestic orders rose to +16 from +14.
A gauge of UK house price balance remained at zero in March, while French consumer price inflation accelerated more than initially estimated in the month, separate reports showed.