European stocks slipped Wednesday, with losses for shares of BNP Paribas SA and Standard Life PLC among those pulling the pan-European equity benchmark back from a strong gain logged in the previous session.
The Stoxx Europe 600 shed 0.5% to 337.56, cutting into the index’s 1% rise on Tuesday, which was aided by gains for energy giant BP PLC
According to preliminary data released today by Eurostat, Eurozone annual inflation accelerated to 0.7% in April, from 0.5% growth registered the previous month, slightly below forecasts of +0.8%. Year-over-year CPI-Core grew 1.0% in April, up from +0.7% in February.
Unemployment in Germany decreased by 25.000 during April, following a 14.000 drop the previous month. Economists had forecast much less decline of 10.000.
The unemployment rate remained at 6.7% for the second running month, in line with consensus.
In country-specific indexes, the U.K.’s FTSE 100 turned up by 0.1%, Germany’s DAX 30 lost 0.1% and France’s CAC 40 gave up 0.3%.
Among Wednesday’s biggest equity decliners, BNP Paribas dropped 3.6% after the French bank warned that it may pay more than the $1.1 billion it had set aside last quarter to cover potential fines stemming from alleged U.S. sanctions violations.
Standard Life shares gave up 1.8%, after the insurance company said U.K. annuity sales have declined about 50% since the government in March proposed pension-industry changes.
But Europe’s top advancer was Alstom SA, extending its gain to 9.5% after a Wall Street Journal report that Germany’s Siemens AG has sweetened its offer for Alstom’s energy units. The French industrial conglomerate has already agreed to sell its energy business to General Electric Co. for more than $12 billion dollar, according to The Wall Street Journal.
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