European stocks seesawed at the opening session on Friday, supported by positive data from Germany despite the frustrating statements by EU leaders meeting for the second day in Brussels.
Data from Germany showed that business confidence unexpectedly halted its drop for a seventh straight month in November, rebounding from the lowest level in 2 1/2 years in October. GDP on the other hand, remained steady during the third quarter.
Positive market sentiment was soon to be offset by European leaders inability to reach an agreement for European Union`s seven-year budget deal.
Equities inclined after the IFO institute reported that its business climate indicator, which is based on a survey of 7,000 executives, has rebounded from 100-levels in October to 101.4 this month, beating forecasts of hitting a three-year low. The GDP report showed as well economic growth was steady at a seasonal rate of 0.2%.
Nonetheless, European stocks are still under pressure following statements made by German Chancellor Angela Merkel and her French counterpart Francois Hollande as they doubted that a long-term budget deal will be reached this week, signaling that extra rounds of talks are likely to be unavoidable.
As of 04:27 EST, the French CAC 40 traded lower 0.23% to 3490.33 points, German DAX declined 0.14% to 7235.09 points, while FTSE 100 traded higher by 0.07% to 5794.81 points.
The euro rose to $1.2906 at 12:55 GMT +3, after opening at $1.2882. The EUR/USD pair touched the intraday high of $1.2913 and low of $1.2867.
Meanwhile, the pound climbed pushing the GBP/USD to trade at $1.5938 after opening at $1.5935 hitting its intraday highest at $1.5964. The pair so far recorded a low of $1.5928
IMOH, Patrick E.
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