European Markets React to Political and Corporate Developments

On a day marked by significant political and corporate news, most major European stock markets closed lower. Investors were closely watching the election of Friedrich Merz as Germany's new chancellor and the latest corporate earnings reports.

Market Performance Highlights

The DAX index fell by 0.41%, with Beiersdorf AG ON leading the decline at 4.14%. Similarly, the CAC 40 dropped by 0.37%, and the Euro Stoxx 50 decreased by 0.62%, with Essilorluxottica seeing a notable drop of 2.41% on both indexes. The FTSE 100, however, remained unchanged.

Currency Movements

In currency markets, the euro appreciated by 0.17% against the dollar, trading at $1.13351 by late afternoon. The British pound also saw gains, rising by 0.45% to $1.33555.