RTTNews - The European markets fell on Friday, as weak results from Air France-KLM, Eni and Total dampened investor sentiment.
The U.S. Commerce Department revealed that the country's Gross Domestic Product fell at a pace of 1% for the second quarter. Economists had expected GDP to fall at a 1.5% rate. This marks the fourth consecutive quarter of contraction, but the pace slowed considerably from the 6.4% decline that was seen in the first 3 months of the year.
Crude for September delivery rose $1.13 to $68.07 a barrel on the New York Mercantile Exchange, by the time the European markets closed. However, crude oil prices are headed for the first monthly decline since January.
The FTSEurofirst 300 index of pan-European blue chips closed 0.20% lower at 928.78 points, while the narrower DJ Stoxx 50 index fell 0.66% to 2,289.29 points.
Around Europe, the U.K.'s FTSE 100 index dropped 0.57% to 4,605.38, while France's CAC 40 index fell 0.14% to 3,430.85 and Germany's DAX index slipped 0.53% to 5,332.14.
Air France-KLM, Europe's biggest airline, dropped 4.1% after the company reported a first quarter loss that was wider than analysts estimated.
Eni, Italy's largest oil company, sank 7.7% after the company reported second quarter earnings that fell from last year and missed analysts' estimate.
Total, Europe's third biggest oil company, fell 2.7% after the company reported a 54% drop in second quarter profit.
BP, Europe's biggest oil company, slid 1.8% and Royal/Dutch Shell, the second biggest, dipped 1.9%.
Grupo Ferrovial, Spain's second biggest construction company, slid 7% after the company said it will absorb highway unit Cintra Concesiones de Infraestructuras de Transporte SA via a reverse takeover.
On the other hand, Michelin, the world's biggest tiremaker, rose 6.6% after the company reported a smaller-than-expected first-half loss.
United Business Media, owner of PR Newswire, jumped 14.3% after the company raised its dividend.
French luxury and retail group PPR climbed 10.1% after the company reported first-half profit that beat analysts' estimates.
L'Oreal, the world's biggest cosmetic maker, surged up 4.4% after the company reported sales in line with market expectations and said it expects business improving during the rest of the year.
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