EU stocks decline moderately

EU stocks decline moderately

On Friday, EU stocks dipped moderately in early trade, with the UK’s FTSE outperforming after the British pound reached a two-week minimum, while the overnight sag in crude prices affected energy stocks.

The British pound went down after a survey disclosed a lead for Prime Minister Theresa May's Conservatives over the opposition Labor Party had steeply decreased before a national elections, scheduled on June 8.

The pan-European STOXX index decreased 0.4% and euro zone blue chips went down by a similar amount. Meanwhile, the export-heavy FTSE stood still.

The oil & gas index lost 1.2% right after OPEC extended output drops, although disappointed market participants bet on larger and longer curbs, while crude prices revived part of the heavy tumble seen on Thursday.

Additionally, Petrofac descended more than 3% after some brokers more than halved their price targets. The British oilfield services company dropped 30% last session after it dared to suspend its chief operating officer, thus reacting to a British investigation into alleged corruption, bribery as well as money laundering.

 

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