economy
Puig plunges after Estée Lauder tie-up talks terminated; European stocks rise
European stocks pushed higher on Friday as investors monitor the U.S.-Iran war and a slew of economic data.
TL;DR
- European stocks closed higher, extending gains for the fourth consecutive day.
- Puig shares fell 13.4% after talks with Estée Lauder for a business combination ended.
- Estée Lauder shares surged 10.7% following the news.
- U.K. retail sales dropped 1.3% in April due to fuel sales decline amid price volatility.
- Oil prices increased as Iran reportedly plans to continue enriching uranium, renewing conflict concerns.
- German consumer confidence improved slightly in June.
- France's manufacturing climate index rose to its highest level in four months.
- U.K. government borrowing exceeded forecasts in April.
- U.S. stock futures showed modest gains in early trading.