European shares set for weekly losses
European shares slip amid French political uncertainty. Technology stocks rise, auto shares fall. Leftwing parties challenge National Rally, Crest Nicholson rejects Bellway's offer.
inched lower on Friday, following a more than 1% drop in the previous session, with the benchmark index poised for as remained on the sidelines amid a in France.The pan-European was down 0.1%, as of 0725 GMT, and has lost 1.5% so far this week.
were the only bright spot, up 0.6%, while most other sectors were subdued. led the losses after dropping nearly 1% to trade at their lowest levels in more than four months.
The French benchmark CAC 40 index shed nearly 1%, underperforming the region's bourses, as investors continued to be spooked by the , with the risk premium on French bonds hitting a four-year high.
France's leftwing parties will reveal the political manifesto for their renewed alliance on Friday, in a bid to challenge the far-right's National Rally, leading the polls for upcoming snap parliamentary elections.
On the data front, rose 2.6% in May, slightly revising down its preliminary reading of a 2.7% increase published in late May.
Among single stocks, Crest Nicholson jumped 9.7% after the British homebuilder said rival Bellway's revised and unsolicited 650 million pound ($828 million) all-share takeover offer "significantly undervalued" the group.
Source: Stocks-Markets-Economic Times
