European markets got slammed on Friday with most of the continent’s biggest indexes losing more than 2% of their value ahead of the weekend.
The falls came against a background of weak inflation figures — consumer prices in the eurozone fell 0.2% in April — but despite a strong GDP number released on Friday. Eurozone GDP grew by 0.6% in the first quarter of 2016, better than expected, and the fastest growth in a year.
Regardless of the strong GDP figure, stocks tanked, with France’s CAC down 2.94%, and the DAX in Germany off by more than 2.75%. Here’s how stocks looked in the two biggest economies in the single currency on Friday:
On a stock-by-stock basis, France’s biggest loser was pharma firm Sanofi, down more than 6% after US biotech firm Medivation rejected a takeover approach. In Germany, airline Lufthansa, and Deutsche Bank were down 5.5% and 4.8% respectively.
Things didn’t look much better in the rest of Europe, although the FTSE 100 was a relative bright spot, losing just over 1.27%. Here’s the scoreboard:
- Britain’s FTSE 100 — down 1.27% to 6,242 points
- Spain’s IBEX 35 — down 2.42% to 9,044 points
- Italy’s FTSE MIB — down 1.9% to 18,620 points
- Netherlands’ AEX — down 2.44% to 439.31 points
- Euro Stoxx 50 broad index — down 3.00% to 3,027 points