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Market Update : 
U.K. Falls on Weak Pharmas
Author: Elena Todorova
123jump.com
Last Update: 1:36 PM EST November 10 2006


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European stock markets closed little changed Friday, reflecting continuous weakness among pharmaceutical stocks. However, gains in chemical firms such as Rhodia and commodity-related shares helped limit the downside move. London FTSE 100 dropped 0.37%. The French CAC 40 ended flat at 5,447.5. The German DAX 30 ended flat at 6,357.77.

 
The euro continued to edge up slightly against the U.S. dollar on Friday despite better-than-expected U.S. trade deficit figures. In morning trading, the euro bought $1.2873, up from $1.2824 late Thursday in New York. Among other currencies, the British pound rose to $1.9117 from $1.9055 after the Bank of England raised interest rates to 5%, as was expected. The dollar was down slightly to purchase 117.43 Japanese yen from 117.97 yen.
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