European Markets Finish Nearly Flat In Choppy Trading

(RTTNews) - The European markets ended Friday's session with mixed results. The markets fluctuated between modest gains and losses of the course of the trading day and finished little changed. Investors were hesitant to make major moves ahead of a speech by Federal Reserve Chair Janet Yellen later today.

Investors will be paying close attention to Yellen's remarks for any hints regarding whether the Fed intends to raise interest rates at its meeting next month.

Regional economic data was fairly positive, with U.K. consumer confidence improving in May while French consumer confidence unexpectedly strengthened to its highest level in more than fifteen years. U.S. GDP data was also revised higher, although by slightly less than had been expected.

The Euro Stoxx 50 index of eurozone blue chip stocks increased 0.24 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.32 percent.

The DAX of Germany climbed 0.13 percent and the CAC 40 of France rose 0.05 percent. The FTSE 100 of the U.K. gained 0.08 percent and the SMI of Switzerland finished higher by 0.76 percent.

In Frankfurt, Adidas fell 0.34 percent after it agreed to sell Mitchell & Ness.

Deutsche Bank increased 0.49 percent, but Commerzbank dipped 0.63 percent.

In Paris, Credit Agricole sank 5.64 percent and Societe Generale lost 0.09 percent. BNP Paribas also dropped 0.47 percent.

Renault declined 1.64 percent and Peugeot fell 0.81 percent.

In London, outsourcing firm Capita dropped 2.09 percent after Exane BNP Paribas cut its rating on the stock to "underperform" from "neutral", citing concerns over its earnings outlook.

Mining stocks turned in a weak performance at the end of the week. Anglo American dropped 2.73 percent and Antofagasta lost 2.52 percent. BHP Billiton decreased 1.35 percent and Glencore fell 1.21 percent. Fresnillo also declined 1.45 percent.

Drug-maker Roche jumped 4.03 percent in Zurich after announcing positive results from an interim analysis of its Gazyva drug.

Banco Popular fell 8.20 percent in Madrid, extending Thursday's losses after announcing a surprise rights issue to strengthen its balance sheet.

France's consumer confidence unexpectedly strengthened in May to its highest level in more than fifteen years, as households were less pessimistic regarding their future financial situation and saving intentions for the next 12 months, figures from INSEE showed Friday.

The consumer confidence index rose to 98 from 94 in March and April. Economists had expected the measure to remain steady.

Italy's business sentiment weakened unexpectedly in May, monthly survey results from the statistical office Istat showed Friday. The business confidence index fell to 102.1 in May from 102.7 in April. A similar lower reading was last seen in February. Economists had forecast the reading to rise to 103.

Spain's retail sales grew at a slower pace in April, the statistical office INE reported Friday. Retail sales climbed by working-day adjusted 4.1 percent on a yearly basis, slower than the 4.4 percent increase seen in March.

Consumer confidence in the United Kingdom showed a bit of improvement in May but remained pessimistic, the latest survey from GfK revealed on Friday with an index score of -1. That beat forecasts for -4 and was an improvement over April's -3, although it still was negative.

Consumer sentiment in the U.S. improved by less than initially estimated in the month of May, according to a report released by the University of Michigan on Friday, although the consumer sentiment index remained at an eleven-month high.

While the Commerce Department released a report on Friday showing stronger than previously estimated U.S. economic growth in the first quarter, the pace of growth still reflects a significant slowdown. The report said the pace of growth in gross domestic product was upwardly revised to 0.8 percent from the initial estimate of 0.5 percent.

Nonetheless, the revised GDP growth in the first quarter compares to the 1.4 percent jump seen in the fourth quarter and the 0.9 percent increase expected by economists.

The University of Michigan said the final reading on its consumer sentiment index for May came in at 94.7, reflecting a downward revision from the preliminary estimate of 95.8.

The downwardly revised index came in below economist estimates for a reading of 95.5 but was still well above the final April reading of 89.0.