London: European stocks lost ground in early trading on Friday as investors fretted that corporate earnings would be hit hard by high oil prices. The 11-nation euro-zone Euro Stoxx 50 index was showing a loss of 0.59 percent at 5,173.84 points.In London, the FTSE index of 100 leading shares fell 47.9 points, or 0.7 per cent, to 6507.6 points. In Paris, the CAC 40 index also had a bad start, falling 62.45 points, or 0.94 per cent, to 6,575.46 points.
Frankfurt was no exception, with the DAX index losing 59.78 points, or 0.85 per cent, to 6,988.72 points.
The euro held firm above the 0.86-dollar mark, with one euro trading at 0.8657 dollars. The bumpy start on the European markets followed a mixed day on the US markets, where the Dow Jones Industrials Average closed down 0.85 per cent, while the Nasdaq edged up 0.5 per cent. Key data released on Thursday suggested that US high-street activity was moderating, which could damage US corporate profits, traders said.
No real lead emerged from Asia, where the Tokyo market was closed for a public holiday and Hong Kong stocks slipped 0.6 per cent.
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