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Market Update

European Markets Little Changed

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European markets were little changed Friday.

The FTSE edged up 0.1%. The CAC 40 Paris traded falt while the German DAX was up 0.3%.

Data earlier showed the Gfk German consumer climate index rose to 7.6 in December from 7.4 in November, its highest level since August 2007. Data also showed German producer price inflation fell 0.1% in November, in line with expectations.

In France, data showed business confidence rose more-than-expected last quarter to an annual rate of 100 from 98 in the previous quarter and against expectations for a reading of 99.

S&P cut its long-term rating on the European Union to AA+ from AAA, citing weaker creditworthiness.

Stocks on the Move

BAE Systems PLC fell 4.8% after it said the United Arab Emirates had halted talks to buy its combat planes. Just weeks earlier, Prime Minister David Cameron had personally lobbied for the Eurofighter Typhoon planes, in Dubai.

BNP Paribas edged up 0.3% while Societe Generale traded flat while in Frankfurt, Deutsche Bank was up half a percent.

Elsewhere, Belgium-based Telenet rallied 3.5% after a broker upgrade.

Rouhan Sharma does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.