Business

European Stocks Close Lower After Stronger-Than-Expected U.S. Jobs Data; Faurecia Slides 6%

Bloomberg | Bloomberg | Getty Images
  • Russia's onslaught in Ukraine was also front and center, as well as the recent EU announcement of a partial ban on Russian oil imports.
  • OPEC and its oil-producing allies agreed on Thursday to hike output in July and August by a larger-than-expected amount as Russia's invasion of Ukraine wreaks havoc on global energy markets.

LONDON — European markets closed lower on Friday, with traders digesting fresh economic data from the U.S.

The German DAX closed down 0.2%, the French CAC fell 0.3% and the Italian FTSE MIB was down 1.1%. The U.K.'s FTSE 100 was closed on Friday for the Queen's Platinum Jubilee celebrations.

New data out Friday showed the U.S. economy added 390,000 jobs in May, better than expected despite fears of an economic slowdown and with a roaring pace of inflation.

U.S. stocks slid Friday as investors digested the report and the potential for rising interest rates. European markets also dipped after the data, hitting lows for the session.

Russia's onslaught in Ukraine was also front and center, as well as the recent EU announcement of a partial ban on Russian oil imports. OPEC and its oil-producing allies agreed on Thursday to hike output in July and August by a larger-than-expected amount as Russia's invasion of Ukraine wreaks havoc on global energy markets.

In individual stocks news, Danish bank Ringkjoebing Landbobank saw its shares climb 4.2% after raising its expectations for this year.

Car parts maker Faurecia fell 6.7% after announcing it had launched a capital increase to pay for its acquisition of rival Hella.

— CNBC's Eustance Huang and Pippa Stevens contributed to this article.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Copyright CNBCs - CNBC
Contact Us